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108-576: Swiss Re Ltd is a Swiss reinsurance company founded in 1863 and headquartered in Zürich , Switzerland. It is one of the world's largest reinsurers, as measured by gross premiums written. Swiss Re operates through around 80 offices in 29 countries and employs over 14,000 people. It was ranked 519th on the Forbes Global 2000 list and ranked 316th on the Fortune Global 500 in 2023. Swiss Re

216-472: A Bronze Age bridge were found on the south River Thames foreshore, upstream from Vauxhall Bridge . Two of the timbers were radiocarbon dated to 1750–1285 BC. In 2010, foundations of a large timber structure, dated to 4800–4500 BC, were found on the Thames' south foreshore downstream from Vauxhall Bridge. Both structures are on the south bank of the Thames, where the now-underground River Effra flows into

324-591: A bond issue by the cantonal government. Similarly to the fire of Hamburg in 1842, which led to the foundation of the first professional reinsurers in Germany, the fire of Glarus made Swiss insurers demand more reinsurance coverage against catastrophic loss. As a result, Swiss Re was founded in Zürich as the first Swiss reinsurance company in 1863. Swiss Re was a lead insurer of the World Trade Center at

432-532: A bounce back from previous losses in 2020. Still, the exposure to COVID-19 in America was excessive; together with increased damages from natural catastrophes, profits were well below the US$ 1.8 billion estimate. Swiss Re was able to make up for some of its losses due to its increased property business. At the same time, the board of directors assured investors that the company is only minimally exposed to losses during

540-420: A combination of the two. Under a quota share arrangement, a fixed percentage (say 75%) of each insurance policy is reinsured. Under a surplus share arrangement, the ceding company decides on a "retention limit": say $ 100,000. The ceding company retains the full amount of each risk, up to a maximum of $ 100,000 per policy or per risk, and the excess over this retention limit is reinsured. The ceding company may seek

648-421: A facultative agreement coincides with the term of the policy. Facultative reinsurance is usually purchased by the insurance underwriter who underwrote the original insurance policy, whereas treaty reinsurance is typically purchased by an outwards reinsurance manager, or other senior executive at the insurance company. The reinsurer's liability will usually cover the whole lifetime of the original insurance, once it

756-532: A given national market should be approximately equal to the square-root of the number of primary insurers active in the same market. Econometric analysis has provided empirical support for the Powers-Shubik rule. Ceding companies often choose their reinsurers with great care as they are exchanging insurance risk for credit risk. Risk managers monitor reinsurers' financial ratings ( S&P , A.M. Best , etc.) and aggregated exposures regularly. Because of

864-542: A larger area, similar in size to Greater London, although some outer districts are excluded and some just outside included. The Greater London boundary has been aligned to the M25 motorway in places. Further urban expansion is now prevented by the Metropolitan Green Belt , although the built-up area extends beyond the boundary in places, producing a separately defined Greater London Urban Area . Beyond this

972-447: A more balanced and homogeneous portfolio of insured risks. This would make its results more predictable on a net basis (i.e. allowing for the reinsurance). This is usually one of the objectives of reinsurance arrangements for the insurance companies. Under proportional reinsurance, one or more reinsurers take a stated percentage share of each policy that an insurer issues ("writes"). The reinsurer will then receive that stated percentage of

1080-412: A multinational company, to cover property and liability risks in many countries around the world. In such situations, the insurance company may find a local insurance company which is authorised in the relevant country, arrange for the local insurer to issue an insurance policy covering the risks in that country, and enter into a reinsurance contract with the local insurer to transfer the risks to itself. In

1188-403: A population density of 802 per acre (325 per hectare). In addition to the growing number of stores selling goods, such as Harding, Howell & Co. —one of the first department stores —located on Pall Mall , the streets had scores of street sellers . London's overcrowded conditions led to cholera epidemics, claiming 14,000 lives in 1848, and 6,000 in 1866. Rising traffic congestion led to

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1296-573: A population of 7,172,036 in 2001 and a population density of 11,760 inhabitants per square mile (4,542/km ). The extended area known as the London Metropolitan Region or the London Metropolitan Agglomeration, comprises a total area of 3,236 square miles (8,382 km ) has a population of 13,709,000 and a population density of 3,900 inhabitants per square mile (1,510/km ). Modern London stands on

1404-580: A post- Brexit exodus of stock listings from the London Stock Exchange , London remains a European economic powerhouse, and one of the world's major financial centres . It hosts Europe's largest concentration of higher education institutions , some of which are the highest-ranked academic institutions in the world: Imperial College London in natural and applied sciences , the London School of Economics in social sciences , and

1512-432: A quota share arrangement for several reasons. First, it may not have sufficient capital to prudently retain all of the business that it can sell. For example, it may only be able to offer a total of $ 100 million in coverage, but by reinsuring 75% of it, it can sell four times as much, and retain some of the profits on the additional business via the ceding commission. The ceding company may seek surplus reinsurance to limit

1620-534: A substitute for Catastrophe XLs. In catastrophe excess of loss, the cedent's retention is usually a multiple of the underlying policy limits, and the reinsurance contract usually contains a two risk warranty (i.e. they are designed to protect the cedent against catastrophic events that involve more than one policy, usually very many policies). For example, an insurance company issues homeowners' policies with limits of up to $ 500,000 and then buys catastrophe reinsurance of $ 22,000,000 in excess of $ 3,000,000. In that case,

1728-551: A temperate oceanic climate ( Köppen : Cfb ). Rainfall records have been kept in the city since at least 1697, when records began at Kew . At Kew, the most rainfall in one month is 7.4 inches (189 mm) in November 1755 and the least is 0 inches (0 mm) in both December 1788 and July 1800. Mile End also had 0 inches (0 mm) in April 1893. The wettest year on record is 1903, with a total fall of 38.1 inches (969 mm) and

1836-652: A total loss up to $ 1 million, and purchases a layer of reinsurance of $ 4 million in excess of this $ 1 million. If a loss of $ 3 million were then to occur, the insurer would bear $ 1 million of the loss and would recover $ 2 million from its reinsurer. In this example, the insurer also retains any loss over $ 5 million unless it has purchased a further excess layer of reinsurance. The main forms of non-proportional reinsurance are excess of loss and stop loss . Excess of loss reinsurance can have three forms - " Per Risk XL" (Working XL), "Per Occurrence or Per Event XL" ( Catastrophe or Cat XL), and " Aggregate XL". In per risk ,

1944-699: Is 1,049.8 millibars (31.00 inHg) on 20 January 2020. Summers are generally warm, sometimes hot. London's average July high is 23.5 °C (74.3 °F). On average each year, London experiences 31 days above 25 °C (77.0 °F) and 4.2 days above 30.0 °C (86.0 °F). During the 2003 European heat wave , prolonged heat led to hundreds of heat-related deaths. A previous spell of 15 consecutive days above 32.2 °C (90.0 °F) in England in 1976 also caused many heat related deaths. A previous temperature of 37.8 °C (100.0 °F) in August 1911 at

2052-562: Is agreed that the name came into these languages from Common Brythonic ; recent work tends to reconstruct the lost Celtic form of the name as * Londonjon or something similar. This was then adapted into Latin as Londinium and borrowed into Old English. Until 1889, the name "London" applied officially only to the City of London , but since then it has also referred to the County of London and to Greater London . In 1993, remains of

2160-437: Is common for insurers and reinsurers to have long-term relationships that span many years. Reinsurance treaties are typically longer documents than facultative certificates, containing many of their own terms that are distinct from the terms of the direct insurance policies that they reinsure. However, even most reinsurance treaties are relatively short documents considering the number and variety of risks and lines of business that

2268-545: Is formed of two tiers: a citywide, strategic tier and a local tier. Citywide administration is coordinated by the Greater London Authority (GLA), while local administration is carried out by 33 smaller authorities. The GLA consists of two elected components: the mayor of London , who has executive powers , and the London Assembly , which scrutinises the mayor's decisions and can accept or reject

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2376-760: Is headquartered in Thames House on the north bank of the River Thames and the foreign intelligence service ( MI6 ) is headquartered in the SIS Building on the south bank. Crime rates vary widely across different areas of London. Crime figures are made available nationally at Local Authority and Ward level. In 2015, there were 118 homicides, a 25.5% increase over 2014. Recorded crime has been rising in London, notably violent crime and murder by stabbing and other means have risen. There were 50 murders from

2484-564: Is headquartered in Mythenquai, Zürich. Six buildings form Campus Mythenquai, with its historic headquarters being in the Altbau which was built in 1913. The majority of Swiss Re's headquarters staff are located in the adjacent Swiss Re Next building. Its London office is located in the 30 St Mary Axe tower, which opened on 25 May 2004. The landmark London skyscraper, designed by architect Norman Foster and popularly known as "the gherkin",

2592-592: Is held by an independent . The ministerial post of minister for London was created in 1994, however as of 2024, the post has been vacant. Policing in Greater London, with the exception of the City of London , is provided by the Metropolitan Police ("The Met"), overseen by the mayor through the Mayor's Office for Policing and Crime (MOPAC). The Met is also referred to as Scotland Yard after

2700-564: Is known as London . It is the capital of the United Kingdom and of England by convention rather than statute. The capital of England was moved to London from Winchester as the Palace of Westminster developed in the 12th and 13th centuries to become the permanent location of the royal court , and thus the political capital of the nation. Greater London encompasses a total area of 611 square miles (1,583 km ) an area which had

2808-444: Is likely to reduce the amount of capital needed to provide coverage. The risks are spread, with the reinsurer or reinsurers bearing some of the loss incurred by the insurance company. The income smoothing arises because the losses of the cedent are limited. This fosters stability in claim payouts and caps indemnification costs. Proportional Treaties (or "pro-rata" treaties) provide the cedent with "surplus relief"; surplus relief being

2916-487: Is listed on the SIX Swiss Exchange . On 10–11 May 1861, more than 500 houses went up in flames in the town of Glarus , Switzerland. Two-thirds of the town was reduced to rubble and ashes and around 3,000 inhabitants were made homeless. The damage to Glarus exceeded the reserves of the cantonal fire insurance, which had underinsured many cantonal buildings: the resulting loss was covered by donations, as well as

3024-694: Is the capital and largest city of both England and the United Kingdom , with a population of 8,866,180 in 2022. The wider metropolitan area is the largest in Western Europe , with a population of 14.9 million. London stands on the River Thames in southeast England, at the head of a 50-mile (80 km) estuary down to the North Sea , and has been a major settlement for nearly 2,000 years. Its ancient core and financial centre ,

3132-523: Is the vast London commuter belt . Greater London is split for some purposes into Inner London and Outer London , and by the River Thames into North and South , with an informal central London area. The coordinates of the nominal centre of London, traditionally the original Eleanor Cross at Charing Cross near the junction of Trafalgar Square and Whitehall , are about 51°30′26″N 00°07′39″W  /  51.50722°N 0.12750°W  / 51.50722; -0.12750 . Within London, both

3240-421: Is to reduce their exposure to loss by passing part of the risk of loss to a reinsurer or a group of reinsurers. With reinsurance, the insurer can issue policies with higher limits than would otherwise be allowed, thus being able to take on more risk because some of that risk is now transferred to the re-insurer. Reinsurance can make an insurance company's results more predictable by absorbing large losses. This

3348-413: Is written. However the question arises of when either party can choose to cease the reinsurance in respect of future new business. Reinsurance treaties can either be written on a "continuous" or "term" basis. A continuous contract has no predetermined end date, but generally either party can give 90 days notice to cancel or amend the treaty for new business. A term agreement has a built-in expiration date. It

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3456-517: The 2012 Summer Olympics . London is an ancient name, attested in the first century AD, usually in the Latinised form Londinium . Modern scientific analyses of the name must account for the origins of the different forms found in early sources: Latin (usually Londinium ), Old English (usually Lunden ), and Welsh (usually Llundein ), with reference to the known developments over time of sounds in those different languages. It

3564-540: The Black Death in the mid-14th century, London lost nearly a third of its population. London was the focus of the Peasants' Revolt in 1381. London was a centre of England's Jewish population before their expulsion by Edward I in 1290. Violence against Jews occurred in 1190, when it was rumoured that the new king had ordered their massacre after they had presented themselves at his coronation. In 1264 during

3672-533: The Canary Wharf development. This was born out of London's increasing role as an international financial centre in the 1980s. Located about 2 miles (3 km) east of central London, the Thames Barrier was completed in the 1980s to protect London against tidal surges from the North Sea . The Greater London Council was abolished in 1986, leaving London with no central administration until 2000 and

3780-505: The City of London , was founded by the Romans as Londinium and has retained its medieval boundaries. The City of Westminster , to the west of the City of London, has been the centuries-long host of the national government and parliament . London grew rapidly in the 19th century , becoming the world's largest city at the time . Since the 19th century, the name "London" has referred to

3888-672: The Corn Laws in 1846 was specifically aimed at weakening Dutch economic power. London then overtook Amsterdam as the leading international financial centre. With the onset of the Industrial Revolution in Britain, an unprecedented growth in urbanisation took place, and the number of High Streets (the primary street for retail in Britain) rapidly grew. London was the world's largest city from about 1831 to 1925 , with

3996-568: The Georgian era , new districts such as Mayfair were formed in the west; new bridges over the Thames encouraged development in South London . In the east, the Port of London expanded downstream. London's development as an international financial centre matured for much of the 18th century. In 1762, George III acquired Buckingham House , which was enlarged over the next 75 years. During

4104-634: The King's Road , Chelsea and Carnaby Street . The role of trendsetter revived in the punk era. In 1965 London's political boundaries were expanded in response to the growth of the urban area and a new Greater London Council was created. During The Troubles in Northern Ireland, London was hit from 1973 by bomb attacks by the Provisional Irish Republican Army . These attacks lasted for two decades, starting with

4212-627: The London Ambulance Service (LAS) NHS Trust , the largest free-at-the-point-of-use emergency ambulance service in the world. The London Air Ambulance charity operates in conjunction with the LAS where required. Her Majesty's Coastguard and the Royal National Lifeboat Institution operate on the River Thames , which is under the jurisdiction of the Port of London Authority from Teddington Lock to

4320-782: The Mediterranean was normally through Antwerp and over the Alps ; any ships passing through the Strait of Gibraltar to or from England were likely to be Italian or Ragusan . The reopening of the Netherlands to English shipping in January 1565 spurred a burst of commercial activity. The Royal Exchange was founded. Mercantilism grew and monopoly traders such as the East India Company were founded as trade expanded to

4428-613: The New Model Army entered London in 1647, and they were levelled by Parliament the same year. London was plagued by disease in the early 17th century, culminating in the Great Plague of 1665–1666, which killed up to 100,000 people, or a fifth of the population. The Great Fire of London broke out in 1666 in Pudding Lane in the city and quickly swept through the wooden buildings. Rebuilding took over ten years and

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4536-564: The New World . London became the main North Sea port, with migrants arriving from England and abroad. The population rose from about 50,000 in 1530 to about 225,000 in 1605. In the 16th century, William Shakespeare and his contemporaries lived in London during English Renaissance theatre . Shakespeare's Globe Theatre was constructed in 1599 in Southwark . Stage performances came to a halt in London when Puritan authorities shut down

4644-612: The Old Bailey bombing . Racial inequality was highlighted by the 1981 Brixton riot . Greater London's population declined in the decades after the Second World War, from an estimated peak of 8.6 million in 1939 to around 6.8 million in the 1980s. The principal ports for London moved downstream to Felixstowe and Tilbury , with the London Docklands area becoming a focus for regeneration, including

4752-662: The Second Barons' War , Simon de Montfort 's rebels killed 500 Jews while attempting to seize records of debts. During the Tudor period , the Reformation produced a gradual shift to Protestantism . Much of London property passed from church to private ownership, which accelerated trade and business in the city. In 1475, the Hanseatic League set up a main trading base ( kontor ) of England in London, called

4860-585: The Stalhof or Steelyard . It remained until 1853, when the Hanseatic cities of Lübeck , Bremen and Hamburg sold the property to South Eastern Railway . Woollen cloth was shipped undyed and undressed from 14th/15th century London to the nearby shores of the Low Countries . Yet English maritime enterprise hardly reached beyond the seas of north-west Europe . The commercial route to Italy and

4968-547: The Thames , its primary geographical feature, a navigable river which crosses the city from the south-west to the east. The Thames Valley is a flood plain surrounded by gently rolling hills including Parliament Hill , Addington Hills , and Primrose Hill . Historically London grew up at the lowest bridging point on the Thames. The Thames was once a much broader, shallower river with extensive marshlands ; at high tide, its shores reached five times their present width. Since

5076-660: The Tower of London ; the site featuring the Palace of Westminster , Church of St. Margaret , and Westminster Abbey ; and the historic settlement in Greenwich where the Royal Observatory defines the prime meridian (0° longitude ) and Greenwich Mean Time . Other landmarks include Buckingham Palace , the London Eye , Piccadilly Circus , St Paul's Cathedral , Tower Bridge , and Trafalgar Square . The city has

5184-855: The Ukraine crisis . In December 2023, Swiss Re announced it had acquired research-led flood risk intelligence firm Fathom, which would retain its brand while working closely with the Reinsurance Solutions division to further develop and distribute its flood maps and models. Swiss Re Group operates through four business units: Swiss Re's leadership consists of the Board of Directors and the Group Executive Committee. In April 2024, Swiss Re appointed Andreas Berger as Group CEO, effective 1 July 2024 replacing Christian Mumenthaler who has been Group CEO since 2016. Swiss Re

5292-533: The Victorian era the Thames has been extensively embanked , and many of its London tributaries now flow underground . The Thames is a tidal river, and London is vulnerable to flooding. The threat has increased over time because of a slow but continuous rise in high water level caused by climate change and by the slow 'tilting' of the British Isles as a result of post-glacial rebound . London has

5400-497: The governance effect insurance/cedent companies can have on society, reinsurers can indirectly have societal impact as well, due to reinsurer underwriting and claims philosophies imposed on those underlying carriers which affects how the cedents offer coverage in the market. However, reinsurer governance is voluntarily accepted by cedents via contract to allow cedents the opportunity to rent reinsurer capital to expand cedent market share or limit their risk. London London

5508-562: The metropolis around the City of London, historically split between the counties of Middlesex , Essex , Surrey , Kent , and Hertfordshire , which since 1965 has largely comprised the administrative area of Greater London , governed by 33 local authorities and the Greater London Authority . As one of the world's major global cities , London exerts a strong influence on world art , entertainment, fashion , commerce, finance, education , healthcare , media , science, technology, tourism , transport , and communications. Despite

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5616-427: The reinsurer (1 line each). The maximum automatic underwriting capacity of the cedent would be $ 1,000,000 in this example. Any policy larger than this would require facultative reinsurance. Under non-proportional reinsurance the reinsurer only pays out if the total claim(s) suffered by the insurer exceed a stated amount, which is called the "retention" or "priority". For instance the insurer may be prepared to accept

5724-569: The 11th century, London was clearly the largest town in England. Westminster Abbey , rebuilt in Romanesque style by King Edward the Confessor , was one of the grandest churches in Europe. Winchester had been the capital of Anglo-Saxon England , but from this time London became the main forum for foreign traders and the base for defence in time of war. In the view of Frank Stenton : "It had

5832-502: The 18th century, London was said to be dogged by crime, and the Bow Street Runners were established in 1750 as a professional police force. Epidemics during the 1720s and 30s saw most children born in the city die before reaching their fifth birthday. Coffee-houses became a popular place to debate ideas, as growing literacy and development of the printing press made news widely available, with Fleet Street becoming

5940-420: The City of London and the City of Westminster have city status . The City of London and the remainder of Greater London are both counties for the purposes of lieutenancies . The area of Greater London includes areas that are part of the historic counties of Middlesex , Kent , Surrey , Essex and Hertfordshire . More recently, Greater London has been defined as a region of England and in this context

6048-603: The London area. This called for the Corporation of the city to extend its jurisdiction and administration over expanding areas around the city. Fearing an attempt by the Crown to diminish the Liberties of London , coupled with a lack of interest in administering these additional areas or concern by city guilds of having to share power, caused the Corporation's "The Great Refusal", a decision which largely continues to account for

6156-460: The Thames. Despite the evidence of scattered Brythonic settlements in the area, the first major settlement was founded by the Romans around 47 AD, about four years after their invasion of 43 AD. This only lasted until about 61 AD, when the Iceni tribe led by Queen Boudica stormed it and burnt it to the ground. The next planned incarnation of Londinium prospered, superseding Colchester as

6264-415: The United Kingdom's population and over 16% of England's population. The Greater London Built-up Area is the fourth-most populous in Europe, with about 9.8 million inhabitants as of 2011. The London metropolitan area is the third-most populous in Europe, with about 14 million inhabitants as of 2016, making London a megacity . Four World Heritage Sites are located in London: Kew Gardens ;

6372-405: The Viking incursions formally agreed by the Danish warlord , Guthrum and the West Saxon king Alfred the Great in 886. The Anglo-Saxon Chronicle records that Alfred "refounded" London in 886. Archaeological research shows this involved abandonment of Lundenwic and a revival of life and trade within the old Roman walls . London then grew slowly until a dramatic increase in about 950. By

6480-562: The above examples concern reinsurance contracts (treaty contracts) that cover more than one policy. Reinsurance can also be purchased on a per policy basis, in which case it is known as facultative reinsurance . Facultative reinsurance can be written on either a proportional or excess of loss basis. Facultative reinsurance contracts are commonly memorialized in relatively brief contracts known as facultative certificates and often are used for large or unusual risks that do not fit within standard reinsurance treaties due to their exclusions. The term of

6588-410: The capacity to write more business and/or at larger limits. The insurance company may be motivated by arbitrage in purchasing reinsurance coverage at a lower rate than they charge the insured for the underlying risk, whatever the class of insurance. In general, the reinsurer may be able to cover the risk at a lower premium than the insurer because: The insurance company may want to avail itself of

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6696-508: The cedent's gross premium income during a 12-month period, with limit and deductible expressed as percentages and amounts. Such covers are then known as " stop loss " contracts. A basis under which reinsurance is provided for claims arising from policies commencing during the period to which the reinsurance relates. The insurer knows there is coverage during the whole policy period even if claims are only discovered or made later on. All claims from cedent underlying policies incepting during

6804-449: The cedent's insurance policy limits are greater than the reinsurance retention. For example, an insurance company might insure commercial property risks with policy limits up to $ 10 million, and then buy per risk reinsurance of $ 5 million in excess of $ 5 million. In this case a loss of $ 6 million on that policy will result in the recovery of $ 1 million from the reinsurer. These contracts usually contain event limits to prevent their misuse as

6912-437: The centre of the British press. The invasion of Amsterdam by Napoleonic armies led many financiers to relocate to London and the first London international issue was arranged in 1817. Around the same time, the Royal Navy became the world's leading war fleet, acting as a major deterrent to potential economic adversaries. Following a fire in 1838, the Royal Exchange was redesigned by William Tite and rebuilt in 1844. The repeal of

7020-425: The city's metropolis. The City of London at its core once comprised the whole settlement, but as its urban area grew, the Corporation of London resisted attempts to amalgamate the city with its suburbs , causing "London" to be defined several ways. Forty per cent of Greater London is covered by the London post town , in which 'London' forms part of postal addresses. The London telephone area code (020) covers

7128-412: The city, to intimidate the inhabitants. In 1097, William II began building Westminster Hall , near the abbey. It became the basis of a new Palace of Westminster . In the 12th century, the institutions of central government, which had hitherto followed the royal English court around the country, grew in size and sophistication and became increasingly fixed, for most purposes at Westminster , although

7236-443: The combined revenue expenditure by London councils and the GLA amounted to just over £22 billion (£14.7 billion for the boroughs and £7.4 billion for the GLA). The London Fire Brigade is the statutory fire and rescue service for Greater London, run by the London Fire and Emergency Planning Authority . It is the third largest fire service in the world. National Health Service ambulance services are provided by

7344-405: The comprehensive University College London . It is the most visited city in Europe and has the world's busiest city airport system . The London Underground is the world's oldest rapid transit system. London's diverse cultures encompass over 300 languages. The 2023 population of Greater London of just under 10 million made it Europe's third-most populous city , accounting for 13.4% of

7452-500: The creation of the Greater London Authority . To mark the 21st century, the Millennium Dome , London Eye and Millennium Bridge were constructed. On 6 July 2005 London was awarded the 2012 Summer Olympics , as the first city to stage the Olympic Games three times. On 7 July 2005, three London Underground trains and a double-decker bus were bombed in a series of terrorist attacks . In 2008, Time named London alongside New York City and Hong Kong as Nylonkong , hailing them as

7560-419: The creation of the London Underground , the world's first urban rail network . The Metropolitan Board of Works oversaw infrastructure expansion in the capital and some surrounding counties; it was abolished in 1889 when the London County Council was created out of county areas surrounding the capital. From the early years of the 20th century onwards, teashops were found on High Streets across London and

7668-713: The driest is 1921, with a total fall of 12.1 inches (308 mm). The average annual precipitation amounts to about 600mm, which is half the annual rainfall of New York City . Despite relatively low annual precipitation, London receives 109.6 rainy days on the 1.0mm threshold annually. London is vulnerable to climate change , and there is concern among hydrological experts that households may run out of water before 2050. Temperature extremes in London range from 40.2 °C (104.4 °F) at Heathrow on 19 July 2022 down to −17.4 °C (0.7 °F) at Northolt on 13 December 1981. Records for atmospheric pressure have been kept at London since 1692. The highest pressure ever reported

7776-437: The event of a loss, the policyholder would claim against the local insurer under the local insurance policy, the local insurer would pay the claim and would claim reimbursement under the reinsurance contract. Such an arrangement is called "fronting". Fronting is also sometimes used where an insurance buyer requires its insurers to have a certain financial strength rating and the prospective insurer does not satisfy that requirement:

7884-478: The expertise of a reinsurer , or the reinsurer's ability to set an appropriate premium, in regard to a specific (specialised) risk. The reinsurer will also wish to apply this expertise to the underwriting in order to protect their own interests. This is especially the case in Facultative Reinsurance. By choosing a particular type of reinsurance method, the insurance company may be able to create

7992-609: The first Muslim mayor of a major Western capital. The mayor's statutory planning strategy is published as the London Plan , which was most recently revised in 2011. The local authorities are the councils of the 32 London boroughs and the City of London Corporation . They are responsible for most local services, such as local planning, schools, libraries, leisure and recreation, social services , local roads and refuse collection. Certain functions, such as waste management , are provided through joint arrangements. In 2009–2010

8100-518: The insurance company would only recover from reinsurers in the event of multiple policy losses in one event (e.g., hurricane, earthquake, flood). Aggregate XL affords a frequency protection to the reinsured. For instance if the company retains $ 1 million net any one vessel, $ 5 million annual aggregate limit in excess of $ 5m annual aggregate deductible, the cover would equate to 5 total losses (or more partial losses) in excess of 5 total losses (or more partial losses). Aggregate covers can also be linked to

8208-640: The location of its original headquarters in a road called Great Scotland Yard in Whitehall. The City of London has its own police force – the City of London Police . First worn by Met police officers in 1863, the custodian helmet has been called a "cultural icon" and a "symbol of British law enforcement". Introduced by the Met in 1929, the blue police telephone box (basis for the TARDIS in Doctor Who )

8316-410: The losses it might incur from a small number of large claims as a result of random fluctuations in experience. In a 9 line surplus treaty the reinsurer would then accept up to $ 900,000 (9 lines). So if the insurance company issues a policy for $ 100,000, they would keep all of the premiums and losses from that policy. If they issue a $ 200,000 policy, they would give (cede) half of the premiums and losses to

8424-458: The mayor's budget proposals each year. The GLA has responsibility for the majority of London's transport system through its functional arm Transport for London (TfL), it is responsible for overseeing the city's police and fire services, and also for setting a strategic vision for London on a range of issues. The headquarters of the GLA is City Hall , Newham. The mayor since 2016 has been Sadiq Khan ,

8532-753: The most museums , art galleries, libraries, and cultural venues in the UK, including the British Museum , National Gallery , Natural History Museum , Tate Modern , British Library , and numerous West End theatres. Important sporting events held in London include the FA Cup Final , the Wimbledon Tennis Championships , and the London Marathon . It became the first city to host three Summer Olympic Games upon hosting

8640-675: The most diverse cities in the world. In 1951, the Festival of Britain was held on the South Bank . The Great Smog of 1952 led to the Clean Air Act 1956 , which ended the " pea soup fogs " for which London had been notorious, and had earned it the nickname the "Big Smoke". Starting mainly in the mid-1960s, London became a centre for worldwide youth culture , exemplified by the Swinging London sub-culture associated with

8748-495: The most exposure among reinsurers. Swiss Re's Admin Re subsidiary began with the acquisition on 1 July 2004 of Life Assurance Holding Corporation in the UK. On 31 October 2008, Swiss Re completed a £762 million acquisition of Barclays PLC's subsidiary Barclays Life Assurance Company Ltd. In June 2014, the company, through Admin Re, acquired the UK pensions business of HSBC Life (UK) Limited worth £4.2 billion. The Admin Re business, which

8856-467: The old Roman city. By about 680 the city had become a major port again, but there is little evidence of large-scale production. From the 820s repeated Viking assaults brought decline. Three are recorded; those in 851 and 886 succeeded, while the last, in 994, was rebuffed. The Vikings applied Danelaw over much of eastern and northern England, its boundary running roughly from London to Chester as an area of political and geographical control imposed by

8964-474: The other companies subscribing to the contract are called following reinsurers. Alternatively, one reinsurer can accept the whole of the reinsurance and then retrocede it (pass it on in a further reinsurance arrangement) to other companies. Using game-theoretic modeling, Professors Michael R. Powers ( Temple University ) and Martin Shubik ( Yale University ) have argued that the number of active reinsurers in

9072-418: The period of the reinsurance contract are covered even if they occur after the expiration date of the reinsurance contract. Any claims from cedent underlying policies incepting outside the period of the reinsurance contract are not covered even if they occur during the period of the reinsurance contract. A Reinsurance treaty under which all claims occurring during the period of the contract, irrespective of when

9180-417: The premiums and will pay the stated percentage of claims. In addition, the reinsurer will allow a "ceding commission " to the insurer to cover the costs incurred by the ceding insurer (mainly acquisition and administration, as well as the expected profit that the cedent is giving up). The arrangement may be "quota share" or "surplus reinsurance" (also known as surplus of line or variable quota share treaty) or

9288-490: The principal city of the Roman province of Britannia in 100. At its height in the 2nd century, Roman London had a population of about 60,000. With the early 5th-century collapse of Roman rule, the walled city of Londinium was effectively abandoned, although Roman civilisation continued around St Martin-in-the-Fields until about 450. From about 500, an Anglo-Saxon settlement known as Lundenwic developed slightly west of

9396-478: The prospective insurer may be able to persuade another insurer, with the requisite credit rating, to provide the coverage to the insurance buyer, and to take out reinsurance in respect of the risk. An insurer which acts as a "fronting insurer" receives a fronting fee for this service to cover administration and the potential default of the reinsurer. The fronting insurer is taking a risk in such transactions, because it has an obligation to pay its insurance claims even if

9504-403: The reinsurer becomes insolvent and fails to reimburse the claims. Many reinsurance placements are not placed with a single reinsurer but are shared between a number of reinsurers. For example, a $ 30,000,000 excess of $ 20,000,000 layer may be shared by 30 or more reinsurers. The reinsurer who sets the terms (premium and contract conditions) for the reinsurance contract is called the lead reinsurer;

9612-439: The reinsurer's share of the risk is defined for each separate policy, while under non-proportional reinsurance the reinsurer's liability is based on the aggregate claims incurred by the ceding office. In the past 30 years there has been a major shift from proportional to non-proportional reinsurance in the property and casualty fields. Almost all insurance companies have a reinsurance program. The ultimate goal of that program

9720-466: The resources, and it was rapidly developing the dignity and the political self-consciousness appropriate to a national capital ." After winning the Battle of Hastings , William, Duke of Normandy was crowned King of England in newly completed Westminster Abbey on Christmas Day 1066. William built the Tower of London , the first of many such in England rebuilt in stone in the south-eastern corner of

9828-641: The rest of Britain, with Lyons , who opened the first of their chain of teashops in Piccadilly in 1894, leading the way. The tearooms, such as the Criterion in Piccadilly, became a popular meeting place for women from the suffrage movement. The city was the target of many attacks during the suffragette bombing and arson campaign , between 1912 and 1914, which saw historic landmarks such as Westminster Abbey and St Paul's Cathedral bombed. London

9936-460: The royal treasury came to rest in the Tower . While the City of Westminster developed into a true governmental capital, its distinct neighbour, the City of London , remained England's largest city and principal commercial centre and flourished under its own unique administration, the Corporation of London . In 1100, its population was some 18,000; by 1300 it had grown to nearly 100,000. With

10044-546: The sea. London is the seat of the Government of the United Kingdom . Many government departments, as well as the prime minister's residence at 10 Downing Street , are based close to the Palace of Westminster , particularly along Whitehall . There are 75 members of Parliament (MPs) from London; As of June 2024 , 59 are from the Labour Party , 9 are Conservatives , 6 are Liberal Democrats and one constituency

10152-424: The start of 2018 to mid April 2018. Funding cuts to police in London are likely to have contributed to this, though other factors are involved. However, homicide figures fell in 2022 with 109 recorded for the year, and the murder rate in London is much lower than other major cities around the world. London, also known as Greater London , is one of nine regions of England and the top subdivision covering most of

10260-753: The theatres in the 1640s. The ban on theatre was lifted during the Restoration in 1660, and London's oldest operating theatre, Drury Lane , opened in 1663 in what is now the West End theatre district. By the end of the Tudor period in 1603, London was still compact. There was an assassination attempt on James I in Westminster, in the Gunpowder Plot of 5 November 1605. In 1637, the government of Charles I attempted to reform administration in

10368-649: The time of the September 11 attacks , which led to an insurance dispute with the owner, Silverstein Properties . In October 2006, the New York appeals court ruled in favor of Swiss Re, stating that the destruction of the twin towers was a single event rather than two, limiting coverage to $ 3.5 billion. Swiss Re acquired the GE Insurance Solutions property/casualty business in 2006, which made it

10476-536: The treaties reinsure and the dollars involved in the transactions. They rely heavily on industry practice. There are not "standard" reinsurance contracts. However, many reinsurance contracts do include some commonly used provisions and provisions imbued with considerable industry common and practice. Sometimes insurance companies wish to offer insurance in jurisdictions where they are not licensed, or where it considers that local regulations are too onerous: for example, an insurer may wish to offer an insurance programme to

10584-441: The underlying policies incepted, are covered. Any losses occurring after the contract expiration date are not covered. As opposed to claims-made or risks attaching contracts. Insurance coverage is provided for losses occurring in the defined period. This is the usual basis of cover for short tail business. A policy which covers all claims reported to an insurer within the policy period irrespective of when they occurred. Most of

10692-715: The unique governmental status of the City . In the English Civil War , the majority of Londoners supported the Parliamentary cause. After an initial advance by the Royalists in 1642, culminating in the battles of Brentford and Turnham Green , London was surrounded by a defensive perimeter wall known as the Lines of Communication . The lines were built by up to 20,000 people, and were completed in under two months. The fortifications failed their only test when

10800-503: The world's largest reinsurer. In 2009 Warren Buffett invested $ 2.6 billion when Swiss Re raised more equity capital after it lost 6 billion francs in its financial market operations in the 2007–2008 financial crisis . Berkshire Hathaway already owns a 3% stake, with rights to own more than 20%. In May 2016, the Fort McMurray Canadian wildfires caused estimated damages of up to CAD 10 billion, with Swiss Re having

10908-639: The world's three most influential global cities . In January 2015, Greater London's population was estimated to be 8.63 million, its highest since 1939. During the Brexit referendum in 2016, the UK as a whole decided to leave the European Union , but most London constituencies voted for remaining. However, Britain's exit from the EU in early 2020 only marginally weakened London's position as an international financial centre. The administration of London

11016-1078: Was bombed by the Germans in the First World War , and during the Second World War , the Blitz and other bombings by the German Luftwaffe killed over 30,000 Londoners, destroying large tracts of housing and other buildings across the city. The tomb of the Unknown Warrior , an unidentified member of the British armed forces killed during the First World War, was buried in Westminster Abbey on 11 November 1920. The Cenotaph , located in Whitehall ,

11124-692: Was named one of Greater Toronto's Top Employers by Mediacorp Canada, Inc., in October 2008, as announced by the Toronto Star . Reinsurance The reinsurer may be either a specialist reinsurance company, which only undertakes reinsurance business, or another insurance company. Insurance companies that accept reinsurance refer to the business as " assumed reinsurance ". There are two basic methods of reinsurance: There are two main types of treaty reinsurance, 'proportional and non-proportional, which are detailed below. Under proportional reinsurance,

11232-437: Was once a common sight throughout London and regional cities in the UK. The British Transport Police are responsible for police services on National Rail , London Underground , Docklands Light Railway and Tramlink services. The Ministry of Defence Police is a special police force in London, which does not generally become involved with policing the general public. The UK's domestic counter-intelligence service ( MI5 )

11340-575: Was renamed ReAssure, was eventually sold to Phoenix Group Holdings for £3.2bn in July 2020. In February 2022, it was announced that Swiss Re had acquired Champlain Reinsurance Company (Champlain Re), a Swiss-based run-off reinsurance captive of Alcan Holdings Switzerland AG, a member of Rio Tinto Alcan , in a legacy transaction. Later that month, Swiss Re declared a net profit of US$ 1.6 billion, in

11448-761: Was sold in February 2007 for over £600 million to IVG Immobilien AG of Germany and the Evans Randall property investment firm. Swiss Re has two offices in New York, its Manhattan office is located in 1301 Avenue of the Americas . The larger of the two offices is located in Armonk and overlooks the Kensico reservoir. Swiss Re has two Canadian offices, in Toronto and Vancouver ; Swiss Reinsurance Company Canada

11556-465: Was supervised by polymath Robert Hooke . In 1710, Christopher Wren 's masterpiece, St Paul's Cathedral , was completed, replacing its medieval predecessor that burned in the Great Fire of 1666. The dome of St Paul's dominated the London skyline for centuries, inspiring the artworks and writing of William Blake , with his 1789 poem " Holy Thursday " referring to 'the high dome of Pauls'. During

11664-524: Was unveiled on the same day, and is the focal point for the National Service of Remembrance held annually on Remembrance Sunday , the closest Sunday to 11 November. The 1948 Summer Olympics were held at the original Wembley Stadium , while London was still recovering from the war. From the 1940s, London became home to many immigrants, primarily from Commonwealth countries such as Jamaica, India, Bangladesh and Pakistan, making London one of

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