NAV & Valuation Reporting

Independent, transparent valuation for illiquid insurance assets.

Robust valuation for Lloyd’s participations.

Hedge funds and ILS managers increasingly use Lloyd’s participations to access uncorrelated risk. However, the lag in Lloyd’s financial reporting (often 4+ weeks) creates a significant challenge for regular NAV reporting.

ICMR bridges this gap.

We provide independent, “mark-to-model” estimates of Net Asset Value (NAV) for syndicate portfolios, allowing funds to meet regulatory requirements and investor transparency standards with confidence.

Regular NAV Reporting

Accurate, Independent, Transparent

Our methodology smooths the transition between a syndicate’s business forecasts and their quarterly returns, incorporating real-time public information on major loss events.

  • Timely: Issued on the last business day of the reporting period.
  • Transparent: Clear breakdown of underwriting vs. investment performance.
  • Regulatory Support: Meets the independent valuation criteria for funds.
Why it matters

Investors demand transparency. By engaging ICMR as an independent valuation agent, fund managers demonstrate governance best practices and ensure fair fee calculation based on accurate NAVs.

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The Challenge

Lloyd’s financial statements are infrequent. By the time quarterly data is released, it is often 4 - 6 weeks out of date.

The Solution

ICMR has developed a transparent methodology to meet your NAV reporting timelines, e.g. last business day of the month.

Price-to-Book Monitoring

Real-time Industry Valuation

ICMR provides an “outside-in” perspective on the valuation multiples of Lloyd’s syndicates and managing agencies.

Leveraging our RISX Index database—which tracks the daily pricing of global specialty (re)insurers—we maintain a comprehensive model of trailing book values and market multiples.

  • M&A Timing: Identify optimal windows for acquisitions or exits.
  • Benchmarking: Compare your internal valuation against public market peers.
  • Strategic Planning: Set realistic targets for corporate value creation.

Distribution of trailing price-to-book multiples as of March of each year, following the release of the annual financial statements.

Relating this price to book value information to Lloyd’s syndicates reveals the following hypothetical valuations of individual syndicates. (NB - this assumes every syndicate is a discrete integrated Lloyd’s vehicle (ILV) with no capital diversification benefit between syndicates; it is based on ICMR outside-in modelling of every syndicate’s ECA requirement).

ICMR estimate of syndicate price to book (ECA) valuation as of 31 March 2026. All ECA numbers are estimated by ICMR as if for whole syndicates; no account taken of member level capital.

Powered by RISX

The RISX Index constituent companies form the first true equity benchmark for the global specialty sector.

We extract daily pricing data from global exchanges to derive the sector’s “Cost of Equity” and valuation trends.

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Need independent valuation support?

Contact us to discuss your specific reporting requirements.

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