Appendix
Data comments
This report is by and large based on data captured by ICMR from the financial statements of Lloyd’s syndicates. This data is available from ICMR.
The data reported in the syndicates financial statements is also the basis of both the pro-forma and aggregated reports as published by Lloyd’s. However, neither can be recreated from the information in the syndicates’ financial statements in the public domain. Syndicates report their financial data in various reporting currencies to Lloyd’s, which are then centrally converted and aggregated in GBP. However, not all syndicates publish their accounts in GBP, a growing number of syndicates, which are part of US / Bermuda groups, report in USD. The classes of business disclosed in the syndicates’ financial statements can differ to the classes in which data is reported to Lloyd’s.
For many of the market comparisons ICMR has applied judgement to present a meaningful notional market, e.g. by excluding syndicate in boxes (SiaB), special purpose arrangements (SPAs), run-offs and pure legacy writers. Furthermore, the accounting of large legacy transactions can result in one off effects on the P&L that make a like-for-like comparison over time and against peers difficult. In other cases start-up syndicates or very small syndicates have been excluded, as their data is often very volatile and loaded with expenses.
Lloyd’s syndicates by category
Syndicate in a Box
- Asta Parsyl SiaB 1796 started in 2021
- Asta MCI SiaB 1902 commenced underwriting on 1st January 2022
- Asta MIC SiaB 5183 received Lloyd’s approval to underwrite on 10 June 2022
- Asta Greenlight Re SiaB 3456 started in 2022
- Asta OIC SiaB 2880 started in 2022
- Beazley ESG SiaB 4321 started in 2022, closed end of 2023, business moved into Beazely 5623
- Munich Re SiaB 1840 started in 2020 and placed into run-off 31 Dec 2022, renewal rights with Munich Re 457
- Polo Wakam SiaB 1347 started in 2023 and put into run-off at year end 2023
- Polo Wildfire Defence System SiaB 1996 started in 2023
Life syndicates
- Axa XL 3002
- Beazley 3622
Non-life syndicates
- AWAC 2232
- AXA XL 2003
- Aegis 1225
- Antares 1274
- Apollo 1969
- Apollo 1971
- Arch 1955
- Arch 2012
- Argenta 2121
- Ariel Re 1910
- Ark 3902
- Ark 4020
- Ascot 1414
- Aspen 4711
- Asta Beat 4242
- Asta CFC 1988
- Asta Carbon 4747
- Asta Everest 2786
- Asta Flux 1985
- Asta HRP 2689
- Asta Ive 2525
- Asta MPS 1892
- Asta Mosaic 1609
- Asta Trium 1322
- Asta Volante 1699
- Atrium 609
- Axis 1686
- BRIT 2987
- BRIT 2988
- BRIT KI 1618
- Beazley 2623
- Beazley 5623
- Beazley 623
- Blenheim 5886
- CNA Hardy 382
- Canopius 4444
- Chaucer 1084
- Chaucer 1176
- Chubb 2488
- Cincinnati Financial 318
- Dale 1729
- Faraday 435
- Hamilton 4000
- Hamilton GIC Re 1947
- Hartford 1221
- Hiscox 33
- Hiscox 3624
- IQUW 1856
- IQUW 218
- Inigo 1301
- Lancashire Re 2010
- Lancashire Re 3010
- Liberty 4472
- MAP 2791
- MS Amlin 2001
- Markel 3000
- Meacock 727
- Munich Re 457
- Nephila 2357
- Nephila 2358
- Newline 1218
- Probitas 1492
- QBE 2999
- QBE 386
- RenaissanceRe 1458
- SCOR 2015
- SiriusPoint 1945
- Starr 1919
- TM HCC 4141
- TMK 1880
- TMK 510
- Talbot 1183
- Talbot 2019
- Travelers 5000
- WR Berkley 1967
- Westfield Specialty 1200
Special Purpose Arrangements (SPAs)
- Arch 6132
- Argenta 6134
- Ariel Re 6117
- Ariel Re 6136
- Asta Beat SPA 1416
- Beazley 6107
- MAP 6103
Legacy/RITC syndicates
- R&Q 1110
- Polo 1254
- Premia 1884
- Apollo Compre 1994
- Enstar 2008
- RiverStone 3500
Syndicate closures
- Asta Victor 2288 (Started in 2020, put into run-off y/e 2021) RITC’d into Ren Re 1458
- Apollo 6133 RITC’d into Apollo 1969
- Beazley ESG 4321 business moved into Beazley 5623
Run-off syndicates
- Canopius 44
- TMK 308
- TMK 557
- Asta Dale 6131
- Munich Re SiaB 1840
- Coverys 1975
- IQUW Agora 3268
- Polo Wakam SiaB 1347
Open YOAs
- Canopius 44 YOA 2018
- TMK 308 YOA 2018
- Atrium 609 YOA 2021
- Hiscox 6104 YOA 2020
- Asta Dale 6131 YOA 2021
Known start-up syndicates in 2024
- Apollo Africa Specialty Risk 2454
- Apollo NormanMax 3939
- Apollo EnvelopRisk SPA 1925
- Asta Oka SiaB 1922
- Asta MCI 1966
- Asta Agile 2427
- Asta Fidelis 3123
- Axis Energy Resilience 2050
- Probitas AdA SPA 2024
Note: Beazley 3623, which started at the end of 2008 didn’t have a capacity for the 2023 YOA, but has started for the 2024 YOA again.
For more details see the Lloyd’s Market Directory.
Exchange rates used
A number of syndicates report financial statements in USD. Those have been converted to GBP using the annual average exchange rates as published in Market Bulletins.
| Year | Fx | Currency | Period | Market Bulletin |
|---|---|---|---|---|
| 2015 | 1.53 | USD | Average | Y5043 |
| 2016 | 1.35 | USD | Average | Y5053 |
| 2017 | 1.29 | USD | Average | Y5149 |
| 2018 | 1.34 | USD | Average | Y5228 |
| 2019 | 1.28 | USD | Average | Y5273 |
| 2020 | 1.28 | USD | Average | Y5322 |
| 2021 | 1.38 | USD | Average | Y5365 |
| 2022 | 1.24 | USD | Average | Y5393 |
| 2023 | 1.24 | USD | Average | Y5420 |