Review of 2023: Investor appetite returning

Annual returns of the ‘RISX’ equity index of listed companies with Lloyd’s businesses remained strong, and with lower correlation

Capital markets slowly falling back in love with (re)insurance

ICMR analysis shows (re)insurer P/b’s close to long term highs, but still relatively undervalued

ICMR suggests a sub-90% combined ratio for Lloyd’s based on ‘RISX’ index

Using the reported data of the RISX index constituents ICMR forecasts Lloyd’s will report best underwriting result since 2014

RISX equity index surge over the last quarter benefits proven leaders

Successful leaders and smart follow-onlys likely to benefit at the expense of a middle market squeeze

To lead, or to follow ... that is the question!

Successful follow-only strategies can create more value than those of traditional leadership roles

Hedging tail risks through capital markets

Enhance solvency using swaps to take advantage immediately post-event

Lloyd’s syndicates as an investment market

ICMR’s mark-to-model valuation for Lloyd’s investments

Insurance cycle has opened a window of opportunity for investments in Lloyd’s

To assess whether investments in Lloyd’s are worthwhile, investors’ expected returns must be compared against the weighted average cost of capital (WACC).

What is the value of Lloyd’s and how does it change daily?

Those two simple questions motivated our research into how capital markets data could be used to provide answers on Lloyd’s valuation and to measure its evolution over time. This culminated in the ICMR RISX index, launched in May 2021.

‘RISX’ index points to a Lloyd’s combined ratio for 2021 in the low 90s

ICMR’s estimate is based on the aggregated combined ratio of the RISX equity index constituents.

Specialty (re)insurance M&A - price to book multiple trends

RISX index suggests tidy return for Ascot’s investors

Positive earnings for 2021 priced-in despite major cat losses thus far

What do capital markets tell us about premium rate change for the global specialty (re)insurance industry?

RISX Index: more than just a benchmark

This article outlines some of the drivers behind the creation of the RISX index

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