LLOYD’S REFORMS TO START WITH RISK EXCHANGE, SYNDICATE-IN-A-BOX

Lloyd’s intends to make significant progress on its two risk exchanges in 2020, as well as to bring new syndicates-in-a-box into the market, according to the first of a series of “blueprints” for the reform of the market. In the first blueprint, which was published today, Lloyd’s outlined the development plans for its Risk Exchange for more commoditised risks, as well as the complex risk platform. Lloyd’s also revealed Munich Re will be the first to launch a “syndicate-in-a-box” through its established Lloyd’s vehicle Munich Re Syndicate Limited. Munich Re Innovation Syndicate will begin underwriting on January 1, 2020 with no physical presence in Lloyd’s. It will underwrite a range of innovative lines of business such as renewable energy and parametric insurance for weather risks.