Insights & Analysis

Specialty Insurance: A Multi-Asset Approach to a Global Sector

Analysis
RISX

Traditional Lloyd’s entry models face an extended deployment cycle. We outline a multi-asset strategy to capture immediate specialty insurance beta while navigating the structural barriers of direct underwriting.

21 April 2026

ICMR publishes 2026 Syndicate Statistics Book which values Lloyd’s notional “market capitalisation” at USD 100bn.

Press release

Insurance Capital Markets Research (ICMR), the specialist Lloyd’s data and analytical firm, today publishes its 2026 edition of Syndicate Statistics. In its review of the Lloyd’s results ICMR is estimating the notional ‘market capitalisation’ of Lloyd’s, were it publicly listed, at over $100bn (£77bn)—placing it as the second-largest financial services entity in the UK and on the cusp of the top 10 of the FTSE 100.

14 April 2026

The USD 100bn Secret: How ICMR Calculated Lloyd’s “Market Capitalisation”

Analysis
RISX

Coinciding with the launch of Syndicate Statistics 2026, supported by industry partners Helios Underwriting, Artex Risk Solutions, Peel Hunt, and Milliman

14 April 2026

ICMR predicts Lloyd’s combined ratio below 90% as RISX Index hits historic 10,000 mark

Analysis
RISX

Record-breaking RISX performance signals a sub-90% combined ratio and 20%+ ROC for the Lloyd’s market.

23 February 2026

Lloyd’s market proxy, RISX, outpaces global benchmarks with 22% total return in 2025

Analysis
RISX

Specialty (re)insurance benchmark shakes off wildfire claims and trade friction

5 January 2026

Portfolio construction is crucial for new investors in Lloyd’s

Analysis

Einstein was right: it’s all about relativity

17 October 2025

ICMR and Helios Launch “Syndicate Statistics”, a Definitive Review of Lloyd’s Performance

Press release
Insurance Capital Markets Research (ICMR) and Helios Underwriting PLC (Helios) today announced the launch of their comprehensive new book, Syndicate Statistics, a review of…
7 September 2025

Beyond the Market Cycle: Using AI to Redefine Performance at Lloyd’s

Analysis

Why a shift from absolute metrics to relative benchmarking is key to identifying true outperformers in the Lloyd’s market.

1 September 2025

Winning Portfolio Strategies in the Lloyd’s Market

Press release

Hampden Risk Partners and Insurance Capital Markets Research unveil AI-powered white paper

1 July 2025

Lloyd’s 2025 Insights Report Highlights Strong Performance and Investor Appeal

Press release
Insurance Capital Markets Research (ICMR) and the Lloyd’s Market Association (LMA) have released their 2nd annual report, the Lloyd’s 2025 Insights Report, providing a…
8 April 2025

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

Analysis
RISX

Using the reported data of the RISX index constituents ICMR forecasts Lloyd’s will continue outstanding performance

5 March 2025

When Perfect is the enemy of Good

Analysis

Is the difficulty in launching a new Lloyd’s fund down to focusing on the wrong aspect?

12 November 2024

Understanding when listing can be a help or a hindrance

Analysis
Value Creation

Liquidity versus value creation for listed companies

9 September 2024

To M&A, or not to M&A?

Analysis
RISX
Value Creation

Understanding (re)insurance portfolio valuation in real time

16 July 2024

Probability of success at Lloyd’s

Analysis

How follow only strategies can model data to improve outcomes

28 May 2024

The LMA and ICMR release Insights Report on Lloyd’s record-breaking 2023 results

Press release

The Lloyd’s Market Association (LMA) and Insurance Capital Markets Research (ICMR) publish a detailed analysis and comment on the Lloyd’s results

15 April 2024

Lloyd’s 2023 results exceeds cost of capital

Analysis
Value Creation

It is the first time in the last decade that Lloyd’s has, in the aggregate, exceeded its estimated weighted average cost of capital (WACC)

11 March 2024

Review of 2023: Investor appetite returning

Analysis
RISX

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

22 January 2024

Asset management: a new frontier in underwriting RoE?

Analysis
Value Creation

With risk free rates at decade long highs, investment contribution is now a critical component of returns on equity

7 December 2023
 

Gallagher Re and ICMR sign exclusive relationship

Press release

Combining deep expertise in reinsurance broking with innovative quantitative analysis

2 November 2023

The growing importance of ESG at Lloyd’s

Analysis

From the novelty of dedicated syndicates to BaU

11 October 2023

The best reinsurance underwriters to follow? It’s all in the data

Analysis
Value Creation

Building a superior follow-only portfolio through class of business performance analysis

11 September 2023

Syndicates relative performance consistency essential in follow-only strategies

Analysis

As follow-only strategies gain momentum at Lloyd’s, how do you identify consistent gross outperformance?

30 May 2023

Lloyd’s net underwriting profitability trends disappoint

Analysis

Line of business performance data from multiple years of individual syndicate reports and accounts, captured and curated by ICMR, reveals a surprising dichotomy between gross and net underwriting performance

3 May 2023

Lloyd’s result not quite as good as predicted - here’s why

Analysis

Lloyd’s stated year-on-year rate improvement not reflected in reported loss ratios

27 March 2023

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

Analysis
RISX

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

3 March 2023

RISX equity index surge over the last quarter benefits proven leaders

Analysis
RISX

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

6 February 2023

Lead versus follow in ownership of syndicates

Value Creation
Analysis

Are follow-only strategies a smart alternative to the model of value through verticalisation?

6 December 2022

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

Analysis
RISX
Value Creation

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

1 November 2022

Hedging tail risks through capital markets

Analysis
RISX

Enhance solvency using swaps to take advantage immediately post-event

5 October 2022

Lloyd’s syndicates as an investment market

Analysis
RISX

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

14 September 2022

Why brand-building is essential to growth

Analysis
Events

New research analysis conducted by Gracechurch and ICMR shows that leading insurance CEO’s should now treat brand development as a fundamental building block of any growth strategy

13 September 2022

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

Analysis
RISX

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

1 August 2022

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

RISX

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.

30 June 2022

When Private Equity met Lloyd’s

Analysis
Value Creation

It’s all about enhancing performance and timing the exit

28 April 2022

Has Lloyd’s finally conquered expenses?

Analysis

Specialty (re)insurance is a difficult business to scale

19 April 2022

Premiums trumps profitability for underwriters’ emoluments

Analysis

A successful Lloyd’s underwriter is a good sales person first and foremost

11 April 2022

Lloyd’s 2021 combined ratio league table

Analysis

Over 2/3 of Lloyd’s syndicates reported an underwriting profit

4 April 2022

The tide may have turned at Lloyd’s, but headwinds remain strong

Analysis

First look at Lloyd’s 2021 results

28 March 2022

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

Analysis
RISX

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

10 March 2022

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

Analysis
RISX
Value Creation

RISX index suggests tidy return for Ascot’s investors

13 December 2021

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

Analysis
RISX

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

27 September 2021

RISX Index: more than just a benchmark

RISX
Value Creation

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

10 June 2021

Press release: ICMR launches RISX Index with Moorgate Benchmarks

Press release
RISX

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

24 May 2021

Third party capital vs building value: revolution or déjà vu?

Events
Analysis
Value Creation

With improving performance and an expanding range of options for investing, now may well be the best time for some while to be an investor at Lloyd’s.

13 May 2021

Signs of a turning tide at Lloyd’s

Analysis
ICMR.Matrix

Despite of another loss making year at Lloyd’s, signs of a hardening market are becoming visible

7 April 2021

Value creation at Lloyd’s: It’s not all about the Underwriting Room

Analysis
Value Creation

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?

4 January 2021

17 years of Lloyd’s Performance Management

ICMR.Matrix
Analysis

Was it worth it? Time will tell.

17 November 2020

The Lloyd’s 2021 $15bn stakes

ICMR.Matrix
Analysis

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

12 October 2020

The reserving cycle and how to avoid it

Analysis

The Casualty Actuarial Society publishes reserving paper using probabilistic programming

3 September 2020

A new metric to assess the insurance cycle?

Analysis

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

15 July 2020

Lloyd’s return on capital: the good, the bad and the ugly

Analysis

For the first time investors can review Lloyd’s syndicates’ return on capital and compare them directly with other re/insurers.

24 June 2020

Follow the money: Lloyd’s cumulative P&L over the last 20 years

Analysis

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?

28 April 2020

Performance transition frequencies at Lloyd’s

Analysis

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

21 April 2020

Lloyd’s combined ratio performance distribution

Analysis

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

14 April 2020

Value creation at Lloyd’s

Events
Value Creation

Materials from the cancelled joint LMA event 18 March 2020

8 April 2020

Review of syndicates’ results 2015 - 2019

Analysis

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

6 April 2020

Lloyd’s 2019 results by syndicate: Bigger was better

Analysis

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.

30 March 2020

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

Analysis

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

26 March 2020

Cancelled: Joint LMA event 18 March 2020

Events

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

13 March 2020

Joint event with LMA on Value Creation at Lloyd’s

Events

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

9 March 2020

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

Value Creation

Introducing the London Insurance Market Index

20 January 2020

About Insurance Capital Markets Research

Bridging two industries that, despite their physical proximity, feel worlds apart

19 January 2020
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