Insurance Market Picks Biz Lines To Test Modernization Plan

Law360, London (January 10, 2020, 12:58 PM GMT) -- Lloyd’s of London and a trade group for its members have announced that they will be piloting a program to modernize the way that the insurance market manages risk on two business lines.

The specialty insurance market and the Lloyd’s Market Association said Thursday they have agreed that the most suitable classes for testing their modernization plans are marine hull, which provides cover for ships, and international casualty — covering motor, bodily injury and property damage.

Lloyd’s of London’s will set up standards for syndicates in the business lines that take part in the pilot to follow, which it hopes will...

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