The market is buoyant about near term underwriting conditions, but just how important are they to cross-cycle value creation compared to the performance of asset managers?
Was it worth it? Time will tell.
ICMR.Matrix; a new tool to assess which syndicates are best placed to win the race for more new business
The Casualty Actuarial Society publishes reserving paper using probabilistic programming
Research by ICMR shows that comparing stock performance of specialty re/insurance companies with the S&P 500 can provide new insight into the state of the insurance cycle
For the first time investors can review Lloyd’s syndicates’ return on capital and compare them directly with other re/insurers.
Lloyd's wrote £448bn of gross premiums since 2000, incurring gross claims to policyholders of £288bn, delivering a net combined ratio of 98% and generating £20bn for its investors. What happened?
Maintaining performance is one thing, improving performance is a lot more challenging
Only top quartile and very few second quartile performers achieved underwriting profits in 2019.
You don't have to be big to be successful, but you can get big if you are successful.
In 2019 there were 110 syndicates, including special purpose arrangements (SPA), of which 105 stated positive GWP, with 56 breaking even or generating a profit.
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 year's loss of £1bn, but is driven by investment income of £3.5bn