Lloyd's of London, the world's oldest specialist insurance market, has revealed that losses from this year's earthquakes in Japan and New Zealand, and floods in Australia will cost its members about US$3.8 billion, making it the costliest first quarter on record. Lloyd's further warned that the cost of insurance worldwide is likely to rise as a result of these devastating catastrophes on the insurance industry.

Chaucer Holdings Plc, the diversified insurance group which is a subsidiary of Lloyd's of London, has recently announced the opening of a new office in Buenos Aires, the capital of Argentina. This new office will operate on behalf of Chaucer Syndicate 1084, and is aiming to get a share of the facultative property and related risks in the Latin American market.

According to a recent statement by CEO Richard Ward, Lloyd's anticipates that the premiums for insuring offshore drilling will go up "quite significantly" as a direct result of the BP oil spill in the Gulf of Mexico. Mr Ward acknowledged that in the past rates for this type of operation in that area had fallen to a very low level and fellow players in the industry had been questioning for quite some time the profitability of insurance in that particular region.

Part of the problem with helping to insure the World Cup for GBP 6.2 billion (USD 9 billion) is the fact that you might have to pay out, as Lloyd's of London may find out. Among the many…

Lloyd's of London has estimated that more than GBP 6.2 billion (USD 9 billion) in insurance policies have been taken out to protect against various risks involved with the 2010 FIFA World Cup in South Africa. The GBP 6.2 billion (USD 9 billion) estimate was divided into three categories; property insurance, contingency insurance and liability insurance, although absent from the estimates were the…

Lloyd's China has received approval from the China Insurance Regulatory Commission to broaden its business activities, including a license with which to write direct insurance policies. Prior to obtaining approval for engaging in direct insurance business, Lloyd's was limited to reinsurance through Lloyd's Reinsurance Company (China). The new license allows Lloyd's to expand beyond their current…

Lloyds Banking Group plc (LBG) of the UK has sold 70% of its stake in esure, an Internet-based insurer, for approximately US$289 million. With this sale, LBG intends to regain focus on its core general insurance business through its brands of Halifax and Lloyds TSB.

U.S. District Judge David Hittner ruled against Lloyd's underwriters and in favor of R. Allen Stanford. Mr. Stanford can now use the Lloyd's of London D & O insurance policies to pay his lawyers during the upcoming January 2011 trial.