Lloyd’s to boost market growth with new placement

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Lloyd’s Central Fund is a mechanism, governed by the Council of Lloyd’s, which will pay any valid claim that cannot be met from the resources of any member.

The new multi-layered cover will reimburse aggregate payments from the Central Fund in excess of £600 million, up to £1.25 billion. This, Lloyd’s said, serves as a key component in its chain of security. Its layered structure is supported by newly created cell company Constellation IC Limited, which is financed by J.P. Morgan. It also includes a panel of eight major reinsurers: Arch, Berkshire Hathaway, Everest Re, Hannover Re, Munich Re, RenaissanceRe,

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Manulife gives employees extra paid day off

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Manulife is giving an extra paid day off to its entire global workforce, which includes 19,000 employees in Asia, on June 18.

This is the second consecutive year Manulife has offered the extra day off, dubbed “Thank You Day”. This is apart from the five extra personal wellness days given by Manulife to its employees this year.

“We are deeply appreciative of the extraordinary efforts and sacrifices of our colleagues over the past year,” said Anil Wadhwani, president and CEO, Manulife Asia. “It’s especially important that we help them take time to unplug and reenergise as well as look after

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Lockton Re kick starts new unit with arrival of CEO

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It’s official – Lockton Re (Bermuda) Limited is here.

After bringing in a number of key hires for the unit, Lockton Re has now launched the Bermuda office, coinciding with the appointment of Jonathan “Jonty” Davies as chief executive. Bermuda is the 12th location for Lockton Re, the global reinsurance business of major insurance broker Lockton.

“Great to have Jonty as part of our global team and Bermuda buildout, joining other key appointments including Tom Parcell who joined in February as chief broking officer, Vittoria Canale who joined last year as operations executive, and Tucker Moore who joined in April

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COVID scare leading young Indians to buy life insurance

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The second wave of COVID-19 infections and deaths that swept through India has caused an uptick in life insurance sales among young Indian adults, as the pandemic forces them to think about their own mortality.

According to a report by Reuters, there was an increase in term insurance sales among people aged 25 to 35, alongside the wave’s peak in the country from April to May. During that period, sales were 30% higher than the past three months’ combined, online insurance aggregator PolicyBazaar observed.

Meanwhile, InsuranceDekho, another online insurance aggregator, reported that term insurance purchases in May were 70%

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