Insurance market Lloyd’s of London on Friday announced insurance for ships carrying food from Ukraine via freshly-agreed Black Sea corridors, removing a barrier to getting crucial exports underway. British Foreign Secretary Liz Truss said it was “an important step in ensuring grain exports can leave Black Sea ports following the vital U.N. agreement last week.”…
Lloyd’s of London Facing Billions in Losses After Russia Proposes to Retain Foreign Leased Aircraft
March 11, 2022
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Business & EconomyDemands RussiaEuropeLloyd's of LondonLloyd's UnderwritersMarketsNew Sanctions on RussiaRussia-Ukraine WarWorld
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Lloyd’s of London, a UK-based insurance and reinsurance market, is staring at potential losses worth billions of dollars after Russia threatened that it would seize planes owned by foreign entities. According to proposals made by the Russian transport ministry, based on multiple media reports, if foreign leasing companies that have leased planes to Russian airline…
Russian Companies Barred From UK Insurance Market, Isolation Proving Costly to Economy
March 3, 2022
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Business & EconomyCompaniesEuropeLloyd's of LondonMarketsNew Sanctions on RussiareinsuranceRussia-Ukraine WarUKUK insurance companiesWorld
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London has announced its decision to prohibit Russian entities in the aviation and space industries from accessing its insurance market as part of sanctions against Moscow for invading Ukraine. “The UK Government will bring in legislation to prohibit UK-based insurance and reinsurance providers from undertaking financial transactions connected with a Russian entity or for use…
Lloyd’s of London Sees ‘Large Loss’ Due to Suez Canal Blockage
LONDON—The blockage of the Suez Canal for nearly a week will result in a “large loss” for Lloyd’s of London, its chairman said on Wednesday, as the insurance market recorded a 900 million pound ($1.2 billion) pretax loss in 2020 due to the COVID-19 pandemic. The Canal is working to clear the backlog after the…
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