21 October 2017
Register now

Lloyd's renews Insurance Services Office licence

29 January 2004  |  413 views  |  0

Lloyd's has renewed its licensing agreement with Insurance Services Office, Inc. (ISO), which significantly expands the range of underwriting and claims products and services it can use in the US market.

Individual underwriters at Lloyd's will, for the first time, be permitted to use ISO loss costs (projections of future claims) for lines of insurance serviced by ISO. Lloyd's underwriters have been using ISO standardised policy language and other services since the initial agreement was signed in January 2000.

Included in the new agreement are ISO's Commercial Umbrella programme and Public Protection Classifications used to measure communities' fire suppression capabilities.

Additionally, participating Lloyd's underwriters will be able to use loss estimates from ISO's Property Claim Services (PCS) unit as a trigger for Insured Loss Warranties (ILW) covering catastrophic losses from extreme events, such as earthquakes, hurricanes, tornadoes and terrorism. Under such warranties, a reinsurer is liable for payment if insured losses for the catastrophic event exceed a specified amount.

ISO Chairman, President and Chief Executive Officer Frank J. Coyne welcomed the renewed and broadened agreement as a benefit to both Lloyd's and ISO. "We're pleased Lloyd's underwriters appreciate the value of our products and services," said Coyne. "Since it began nearly four years ago, this strategic agreement remains the basis for building an even broader relationship with the London market."

Robert Childs, Chairman of Lloyd's Market Association and Director at Hiscox PLC, said: "This is an important development in the information available to Lloyd's underwriters, and we are delighted to strengthen our relationship with ISO."

Julian James, Director of Worldwide Markets at Lloyd's, said: "This agreement with ISO is further evidence of Lloyd's commitment to the U.S. market, which is the largest single source of business to Lloyd's, worth more than $8.2 billion a year."

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.innotribe.comvisit www.niceactimize.comRegister now

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
8832 views comments | 22 tweets | 26 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8628 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7708 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7184 views comments | 10 tweets | 22 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6789 views comments | 14 tweets | 23 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job