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.
Number of syndicates reporting by COB
The following Table 1 shows the number of syndicates that have reported performance statistics by line of business over the years.
For the 2024 year-end, Lloyd’s commenced the transition to the iXBRL reporting standard, which has resulted in a number of syndicates reallocating data by line of business, most notably for Energy.
| COB | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Accident and health | 46 | 46 | 44 | 44 | 43 | 45 | 43 | 41 | 45 | 51 |
| Energy | 22 | 23 | 26 | 28 | 27 | 32 | 29 | 34 | 34 | 9 |
| MAT | 78 | 79 | 75 | 76 | 69 | 69 | 84 | 90 | 95 | 86 |
| Motor | 37 | 37 | 42 | 39 | 40 | 36 | 40 | 43 | 44 | 51 |
| Pecuniary loss | 63 | 61 | 60 | 57 | 62 | 61 | 68 | 61 | 68 | 80 |
| Property | 70 | 73 | 68 | 69 | 64 | 67 | 75 | 75 | 80 | 88 |
| Reinsurance | 73 | 73 | 69 | 71 | 69 | 69 | 83 | 86 | 89 | 94 |
| Third party liability | 68 | 69 | 63 | 64 | 62 | 62 | 68 | 77 | 78 | 81 |
Lloyd’s syndicates by category
Syndicate in a Box
- Asta Agile 2427 SiaB commenced underwriting on 1 May 2024.
- Asta Parsyl SiaB 1796 started in 2021 as a specialist in the insurance of perishable cargo
- Asta MCI SiaB 1902 commenced underwriting on 1st January 2022. Medical & Commercial International (MCI) specialises in underwriting international liability risks
- Asta MCI SiaB 1966 commenced underwriting on 10th May 2024 and underwrites clinical trial funding insurance.
- Asta Greenlight Re SiaB 3456 started in 2022.
- Asta Oka 1922 SiaB commences underwriting from 1 January 2024. It introduces an insurance solution specifically designed to protect against buyer-side carbon credit risks, including financial, reputational, regulatory, and climate risks.
- Asta OIC SiaB 2880 started in 2022, it supports Oman Insurance Company’s regional and international distribution by providing additional lead and follow capacity on facultative business.
- 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 went 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
- Apollo ASR 2454
- Apollo NormanMax 3939
- Apollo Quaerere 1100
- 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 Fidelis 3123
- Asta Flux 1985
- Asta HRP 2689
- Asta Ive 2525
- Asta Ki 1618
- Asta MPS 1892
- Asta Mosaic 1609
- Asta Trium 1322
- Asta Volante 1699
- Atrium 609
- Axis 1686
- Axis Energy Resilience 2050
- BRIT 2987
- BRIT 2988
- 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)
- Apollo EnvelopRisk 1925
- Argenta 6134
- Ariel Re 6117
- Ariel Re 6136
- Asta Beat SPA 1416
- Beazley 6107
- Hiscox 6104
- MAP 6103
- Probitas AdA 2024
Legacy/RITC syndicates
- Polo 1254
- Premia 1884
- Apollo Compre 1994
- Enstar 2008
- RiverStone 3500
Syndicate closures
- Asta MIC SiaB 5183 received Lloyd’s approval to underwrite on 10 June 2022. It ceased underwriting on the 1 January 2025 and entered into voluntary run off.
- Polo 1110, formerly R&Q, was placed into run-off in July 2024 and will no longer transact underwriting.
Run-off syndicates
- Canopius 44
- TMK 308
- TMK 557
- Dale 6131
- Munich Re SiaB 1840
- Coverys 1975
- IQUW Agora 3268
- Polo Wakam SiaB 1347
- Polo 1110
Open YOAs
- Canopius 44 YOA 2018
- TMK 308 YOA 2018
- Atrium 609 YOA 2021
- Hiscox 6104 YOA 2020
- Dale 6131 YOA 2021
Known start-up syndicates in 2025
- Polo Oak Re 2843 started 1.1.2025. Former RenRe Europe CUO Carr received the green light for a 2025 start-up syndicate, managed by Polo Works.
- Polo Awbury 2025 started 1.1.2025. Awbury introduces a new class of business in the form of direct credit - as opposed to reinsurance - into the market.
- Talbot Arrow 2478 started 1.1.2025. AIG’s new Arrow syndicate, supported by third-party capital from Blackstone funds, writes multiple lines of commercial P&C.
- Somers 3705 started 1.1.2025, focused on delegated authority and consortium opportunities
- Asta Convex 1984 Convex started 1.4.2025. A Names-backed Lloyd’s led by Convex Insurance UK CUO Jacqueline Wiffen as active underwriter.
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 |
| 2024 | 1.28 | USD | Average | Y5450 |