BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
S&P Global Ratings has revised its outlook on the Society of Lloyd's (Lloyd's) to negative from stable due to loss estimates relating to hurricanes Harvey and Irma, S&P said in a statement Thursday.
The change “reflects our expectation that the market will produce a combined ratio of about 95% in 2018 and 2019,” S&P said in the revision note.
S&P also affirmed its 'A+' insurer financial strength and long-term counterparty credit ratings on Lloyd's, the statement said.
In addition to Lloyd’s estimated losses of more than $4.4 billion (3.3 billion pounds) from hurricanes Harvey and Irma, “We expect further major losses from Hurricane Maria and other potential catastrophe events in fourth quarter (Q4) 2017,” S&P said.
“These losses are significant relative to peers and Lloyd's annual earnings, and emphasize the market's exposure to catastrophe risk,” added the ratings agency.
Lloyd's capitalization had already deteriorated during 2016 and 2017 due to higher catastrophe exposure and premium growth, the latter in part due to foreign exchange movements, S&P said, as expense and attritional loss ratios remained high in the first half of 2017.
Further, S&P said “significant uncertainties remain,” including potential further major losses, weaker-than-anticipated rate recovery, or members choosing to take advantage of rate revivals outside of their Lloyd's platforms.
Lloyd’s of London, in a new report, said it wants to speed up the approval process for new syndicates to make it simpler to place capital after an event that precipitates a market turn, Artemis.bm reports. The report explains a process to "enhance and speed up the process of approving syndicate business plans in the aftermath of a market-turning event, an insurable loss so significant it results in a rapid upturn in pricing."