Insurance Capital Markets Research

ICMR provides analytical and research services focused on non-life property & casualty (re)insurance and capital markets.

We help our clients understand the long term value of underwriting decisions, as well as monitor market participants’ relative value over time.

Quantitative (re)insurance research, improving strategic decision-making

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Insurance Indices

Liquid instruments reflecting industry value creation

Management Information Tools

Analysis as a service to incorporate within regular MI and Board reports

Advisory & Consulting

Transaction advisory services, focusing on structuring, performance and valuation

Risk Exceedance Models

Portfolio level stochastic modelling

Research & Resources

The reserving cycle and how to avoid it

The Casualty Actuarial Society publishes reserving paper using probabilistic programming

A new metric to assess the insurance cycle

Research by ICMR shows that comparing stock performance of specialty re/insurance companies with the S&P 500 can provide new …

Lloyd’s return on capital: the good, the bad and the ugly

For the first time investors can review Lloyd’s syndicates’ return on capital and compare them directly with other re/insurers.

Follow the money: Lloyd's cumulative P&L over the last 20 years

Lloyd's wrote £448bn of gross premiums since 2000, incurring gross claims to policyholders of £288bn, delivering a net combined ratio …

Performance transition frequencies at Lloyd's

Maintaining performance is one thing, improving performance is a lot more challenging


over 50 years of industry expertise


Markus Gesmann

+44 (0)798 100 6152
  • 8 years leading Lloyd's of London analysis department
  • 4 years leading risk modelling in investment banking and ILS
  • Co-author of industry academic papers and occasional university lecturer
  • Founder of Insurance Data Science conferences
  • Author of reserving software in ‘R’ and

Quentin Moore

+44 (0)791 220 7199
  • 4 years as Head of Research at Lloyd's of London and co-author of Chairman's Strategy Group Consultation Document - Lloyd's performance management template
  • Co-founder of investment bank ILS joint venture
  • Private Equity advisor on insurance assets and capital structuring
  • Co-founder of specialist London Market analytics firm
  • Former director of Lloyd's managing agency and occasional university lecturer


Insurance Capital Markets Research is the trading name of IC Markets Research Ltd, registered in England & Wales with number 12561699