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Lloyd's of London will launch an insurance-based index in mid-2016, the market announced Wednesday.
Lloyd's said in a statement that the index would give managing agents, brokers and other insurers “new options for managing risk and form the basis of index-related products of interest to the wider capital markets.”
The index will show loss ratios for the Lloyd's market on an aggregated basis and will focus entirely on insurance performance, Lloyd's said in the statement.
The index will be published quarterly, Lloyd's said.
Subscribers to the index will be able to view data on a marketwide basis, while additional indices defined by class of business will be available in due course, Lloyd's said.
Lloyd's said it would seek input from market participants and discuss governance measures with the U.K. regulators over the coming months.
“This is an exciting and innovative development for Lloyd's. Our continued success is dependent on being able to develop the tools the market needs and also reflect the environment it is operating in,” Lloyd's Chairman John Nelson said in the statement.
“I believe this proposal would be advantageous to both Lloyd's and non-Lloyd's participants, keeping pace with the evolving insurance industry and the new sources of capital now available. We look forward to hearing the views of the market,” he added.
Mexico City-based reinsurer Reaseguradora Patria S.A. has received approval from Lloyd’s of London to set up a special purpose syndicate to underwrite short-tail specialty Latin American business.