Insurance Capital Markets Research

  • Quantitative (re)insurance research
  • Home of ICMR.Matrix and RISX Index

RISX Index Contact us

About ICMR

Insurance Capital Markets Research (ICMR) is a quantitative research consultancy with a focus on the Lloyd’s of London market and the wider global specialty (re)insurance industry. Our clients are insurance carriers, intermediaries and investors.

Clients engage ICMR for independent research by industry experts with a proven track record in delivering insights on markets, performance and valuations.

Our core capability is the assessment and modelling of performance and return profiles of (re)insurance entities and portfolios, both within Lloyd’s and globally.

ICMR.Matrix: Unique insight into Lloyd’s

ICMR.Matrix lets you understand Lloyd's competitive landscape.

ICMR.Matrix brings together data from syndicates' past financial statements with ICMR's outside-in view on individual syndicate's capital requirements (ECA) and estimates on price to book multiples from live capital markets data.

Book demo

Use cases

Clients use ICMR.Matrix for an independent assessment of syndicates' performance and value creation trajectory for:

  • Demonstrating value drivers to Lloyd's, NEDs, parent companies and investors
  • Pathfinding to top quintile / light touch status
  • Maximising value creation

Login to ICMR.Matrix

RISX Index

The RISX Index is an equity benchmark for the global specialty (re)insurance sector and investments into the Lloyd’s of London market


About RISX

The what and why


Summary of key statistics

White paper

Overview and background


Sharing risk for a more resilient world


Selection and weighting process

Press Release

ICMR launches RISX Index with Moorgate Benchmarks

Research & Insights


Press release: ICMR launches RISX Index with Moorgate Benchmarks

ICMR launches innovative new ‘(re)insurance specialty equity index’ and selects Moorgate Benchmarks as its administrator

The Lloyd's 2021 $15bn stakes

ICMR.Matrix; a new tool to assess which syndicates are best placed to win the race for more new business

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.

Performance transition frequencies at Lloyd's

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

Lloyd's combined ratio performance distribution

Only top quartile and very few second quartile performers achieved underwriting profits in 2019.

Value creation at Lloyd's

Materials from the cancelled joint LMA event 18 March 2020

Review of syndicates' results 2015 - 2019

You don’t have to be big to be successful, but you can get big if you are successful.

Lloyd’s 2019 results by syndicate: Bigger was better

In 2019 there were 110 syndicates, including special purpose arrangements (SPA), of which 105 stated positive GWP, with 56 breaking …

First look at Lloyd's results 2019: The tide hasn't turned yet

Today Lloyd’s released the 2019 pro-forma results for the market stating a profit of £2.5bn. This is a huge improvement to last …

Cancelled: Joint LMA event 18 March 2020

In response to the evolving COVID-19 situation “Value Creation at Lloyd’s” panel discussion will not go ahead on 18 March.

Joint event with LMA on Value Creation at Lloyd's

On 18 March together with the LMA we are organising a panel discussion on the topic of ‘Value Creation at Lloyd’s’

What does value creation mean in the Lloyd’s market?

Introducing the London Insurance Market Index

About Insurance Capital Markets Research

The insurance and capital markets have existed in very close proximity for centuries. Yet, they drifted apart as each industry …


ICMR was founded by Lloyd’s former heads of research and analysis Quentin Moore and Markus Gesmann.

Markus and Quentin were instrumental in the establishment of the Performance Management framework at Lloyd’s. Their teams have developed and established many of the performance reports and data driven assessment tools used today.

Having also worked together in the capital markets, they founded ICMR in early 2020 and launched the RISX Index in 2021.


Markus Gesmann

A co-founder of ICMR, Markus has spent 20 years in both insurance and capital markets. He is the former head of analysis at Lloyd’s, where he set up a market wide analytical performance and price monitoring framework. Markus was head of pricing at an ILS joint venture with Lehman Brothers and Vario Partners, structuring innovative risk transfer solutions into capital markets.

Markus is an expert in modelling non-life insurance portfolios and probabilistic programming, and an Honorary Visiting Fellow at Bayes Business School, City, University of London.


Quentin Moore

A co-founder of ICMR, Quentin has over 30 years Lloyd’s and capital markets experience, including directorships of managing agencies and head of research at Lloyd’s where he co-authored Lloyd’s Performance Management template in the aftermath of Lloyd’s WTC losses of 2001, helping implement Lloyd’s capital modelling and risk management.

Quentin co-founded an ILS joint venture with Lehman Brothers as well as co-founding Bermuda-based ILS firm, Vario Partners. He has worked in insurance private equity, in investment banking and in actuarial consulting.

Case studies


Helping a client to develop a range of peer company comparatives across both underwriting and corporate performance, which now forms part of both their internal and external reporting. This involved curating a wide range of data from public domain sources including through the use of AI.

New business development market sizing

Assisting a client with building their background knowledge of a new class of business, helping them understand past performance and the scale of market opportunity in order for them to build the business case for commencing underwriting.

Structuring / Portfolio modelling

Building a bespoke transaction loss model to support the client’s structuring of a portfolio risk transfer to investors. This involved significant client data manipulation from data room downloads, followed by developing and parameterising a Bayesian stochastic model.

Investor presentations and valuations

Helping a Lloyd’s client present their business to potential investors, enabling them to demonstrate their superior underwriting performance on a year of account basis translated to a calendar year basis. This included being able to demonstrate their “outside-in” mark-to-market valuation, based on real time public domain valuation data.

Understanding Lloyd’s data and training

Contributing to insurance industry training courses, introducing company market professionals to the Lloyd’s market and its data. This followed previous years courses which we designed for underwriting senior management and a course run as part of an actuarial MBA qualification. In addition, we have run courses for Lloyd’s market participants, showing the breadth of non-public domain data held at Lloyd’s which can assist them in their business planning.

New business start-ups

Supporting a number of new Lloyd’s market entrants with their application processes, principally from the perspective of how to use underwriting data to support business plans, and how to embed benchmarking within their ongoing management information systems.


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