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Syndicate Management
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About Us
Syndicate Management
Investing at Lloyd's
tax-corporate-services
News
Lloyd’s has released its schedule of updated forecasts for the open years of syndicates supported by third party capital. A summary of forecast results as at 31 March 2025 is attached.
The 2023 year of account, which was already strongly profitable, has improved further. This improvement is despite an adverse movement in foreign exchange, with the pound strengthening from $1.25:£1 to $1.29:£1 in the quarter.
These are the first formal forecasts for the 2024 underwriting year. Our experience is that these initial forecasts are usually pessimistic as business with a 2024 inception date remains on risk for much of 2025. The 2024 year has assumed the lion’s share of the market loss arising from the wildfires across Greater Los Angeles in January this year.
2023 Year of account
Syndicate |
Managing |
Capacity |
Estimates at 31 Dec 2024 |
Estimates at 31 March 2025 |
Change at |
||||
Worst |
Best |
Midpoint |
Worst |
Best |
Midpoint |
||||
33 |
Hiscox |
1,698,651 |
10.40 |
20.40 |
15.40 |
11.25 |
21.26 |
16.26 |
0.86 |
218 |
IQUW |
479,583 |
0.50 |
10.50 |
5.50 |
7.75 |
12.75 |
10.25 |
4.75 |
318 |
Cincinnati |
298,739 |
20.45 |
25.45 |
22.95 |
21.64 |
26.63 |
24.14 |
1.19 |
386 |
QBE |
374,336 |
12.23 |
17.33 |
14.78 |
13.36 |
18.36 |
15.86 |
1.08 |
510 |
TMK |
1,653,697 |
13.83 |
18.83 |
16.33 |
11.64 |
21.64 |
16.64 |
0.31 |
609 |
Atrium |
870,092 |
7.50 |
17.50 |
12.50 |
12.50 |
17.50 |
15.00 |
2.50 |
623 |
Beazley |
818,812 |
0.00 |
20.00 |
10.00 |
0.00 |
20.00 |
10.00 |
0.00 |
727 |
Meacock |
101,232 |
0.00 |
15.00 |
7.50 |
3.00 |
18.00 |
10.50 |
3.00 |
1176 |
Chaucer |
46,500 |
15.00 |
30.00 |
22.50 |
15.00 |
30.00 |
22.50 |
0.00 |
1200 |
Westfield |
550,000 |
4.35 |
14.35 |
9.35 |
4.00 |
14.00 |
9.00 |
(0.35) |
1609 |
Asta (Mosaic) |
205,659 |
0.00 |
15.00 |
7.50 |
0.00 |
15.00 |
7.50 |
0.00 |
1699 |
Asta (Volante) |
194,572 |
(5.00) |
15.00 |
5.00 |
(7.50) |
7.50 |
0.00 |
(5.00) |
1729 |
Dale |
279,696 |
9.50 |
24.50 |
17.00 |
12.50 |
25.00 |
18.75 |
1.75 |
1910 |
Ariel Re |
653,357 |
36.45 |
46.45 |
41.45 |
37.34 |
47.34 |
42.34 |
0.89 |
1969 |
Apollo |
530,000 |
12.50 |
17.50 |
15.00 |
12.50 |
17.50 |
15.00 |
0.00 |
1971 |
Apollo iBott |
250,000 |
3.50 |
13.50 |
8.50 |
6.50 |
11.50 |
9.00 |
0.50 |
1985 |
Asta (Flux) |
84,293 |
2.74 |
22.74 |
12.74 |
2.74 |
22.74 |
12.74 |
0.00 |
2010 |
Lancashire |
399,560 |
10.00 |
20.00 |
15.00 |
15.00 |
20.00 |
17.50 |
2.50 |
2121 |
Argenta |
799,720 |
10.00 |
17.50 |
13.75 |
10.00 |
17.50 |
13.75 |
0.00 |
2358 |
Nephila |
90,000 |
3.35 |
13.35 |
8.35 |
4.46 |
14.46 |
9.46 |
1.11 |
2525 |
Asta (Ive) |
114,467 |
5.00 |
20.00 |
12.50 |
10.00 |
25.00 |
17.50 |
5.00 |
2689 |
Asta (HRP) |
52,012 |
15.35 |
25.35 |
20.35 |
15.09 |
25.10 |
20.10 |
(0.26) |
2791 |
MAP |
473,906 |
27.50 |
35.00 |
31.25 |
31.00 |
36.00 |
33.50 |
2.25 |
4242 |
Asta (Beat) |
260,000 |
3.09 |
13.09 |
8.09 |
3.01 |
13.01 |
8.01 |
(0.08) |
4444 |
Canopius |
1,799,968 |
10.00 |
20.00 |
15.00 |
10.00 |
20.00 |
15.00 |
0.00 |
4747 |
Asta (Carbon) |
105,000 |
(5.00) |
10.00 |
2.50 |
0.00 |
7.50 |
3.75 |
1.25 |
5623 |
Beazley |
339,850 |
10.00 |
20.00 |
15.00 |
10.00 |
20.00 |
15.00 |
0.00 |
5886 |
Blenheim |
350,957 |
17.50 |
25.00 |
21.25 |
17.50 |
25.00 |
21.25 |
0.00 |
6103 |
MAP |
70,920 |
47.50 |
55.00 |
51.25 |
50.00 |
55.00 |
52.50 |
1.25 |
6104 |
Hiscox |
19,429 |
27.70 |
37.70 |
32.70 |
29.74 |
39.74 |
34.74 |
2.04 |
6107 |
Beazley |
43,305 |
(5.00) |
25.00 |
10.00 |
(5.00) |
25.00 |
10.00 |
0.00 |
6117 |
Ariel Re |
59,589 |
44.84 |
54.84 |
49.84 |
45.81 |
55.81 |
50.81 |
0.97 |
Lloyd’s market |
48,786,632 |
13.66 |
20.30 |
16.98 |
13.04 |
21.54 |
17.29 |
0.31 |
|
2024 Year of account
| Managing Agent |
Capacity £000s | Estimates at 31 March 2025 | |||
| Syndicate | Worst | Best | Midpoint | ||
| 33 | Hiscox | 1,700,000 | 0.88 | 12.99 | 6.94 |
| 218 | IQUW | 480,000 | 4.25 | 14.25 | 9.25 |
| 318 | Cincinnati | 375,000 | 7.86 | 11.86 | 9.86 |
| 386 | QBE | 375,000 | 9.40 | 14.40 | 11.90 |
| 510 | TMK | 1,780,000 | 3.21 | 13.21 | 8.21 |
| 609 | Atrium | 925,000 | 5.00 | 15.00 | 10.00 |
| 623 | Beazley | 891,111 | (5.00) | 15.00 | 5.00 |
| 727 | Meacock | 110,457 | (5.00) | 15.00 | 5.00 |
| 1176 | Chaucer | 46,500 | 15.00 | 35.00 | 25.00 |
| 1200 | Westfield | 550,000 | (1.90) | 8.10 | 3.10 |
| 1609 | Asta (Mosaic) | 242,922 | 0.00 | 15.00 | 7.50 |
| 1699 | Asta (Volante) | 235,000 | (5.00) | 15.00 | 5.00 |
| 1729 | Dale | 350,000 | 5.00 | 17.50 | 11.25 |
| 1856 | IQUW | 694,057 | 13.02 | 23.02 | 18.02 |
| 1910 | Ariel Re | 815,315 | (13.39) | (3.39) | (8.39) |
| 1925 | Apollo (Envelop) | 40,000 | 0.00 | 10.00 | 5.00 |
| 1969 | Apollo | 610,000 | 4.00 | 14.00 | 9.00 |
| 1971 | Apollo iBott | 275,000 | 6.50 | 16.50 | 11.50 |
| 1985 | Asta (Flux) | 126,667 | 2.74 | 22.74 | 12.74 |
| 2010 | Lancashire | 400,000 | (2.50) | 7.50 | 2.50 |
| 2024 | Probitas (Ada) | 39,000 | 1.50 | 11.50 | 6.50 |
| 2121 | Argenta | 800,000 | 2.50 | 12.50 | 7.50 |
| 2358 | Nephila | 150,000 | 4.63 | 14.63 | 9.63 |
| 2525 | Asta (Ive) | 130,000 | 5.00 | 20.00 | 12.50 |
| 2689 | Asta (HRP) | 75,000 | 0.77 | 15.77 | 8.27 |
| 2791 | MAP | 650,000 | 2.50 | 10.00 | 6.25 |
| 3123 | Asta (Fidelis) | 113,700 | 0.00 | 15.00 | 7.50 |
| 3939 | Apollo (NormanMax) | 64,870 | (22.50) | (12.50) | (17.50) |
| 4242 | Asta (Beat) | 240,000 | 1.91 | 11.91 | 6.91 |
| 4444 | Canopius | 2,000,000 | 10.00 | 20.00 | 15.00 |
| 4747 | Asta (Carbon) | 150,000 | (5.00) | 10.00 | 2.50 |
| 5623 | Beazley | 397,100 | (5.00) | 15.00 | 5.00 |
| 5886 | Blenheim | 400,000 | 10.00 | 20.00 | 15.00 |
| 6103 | MAP | 90,000 | 0.00 | 10.00 | 5.00 |
| 6104 | Hiscox | 56,556 | 2.10 | 17.10 | 9.60 |
| 6107 | Beazley | 57,901 | (5.00) | 20.00 | 7.50 |
| 6117 | Ariel Re | 99,211 | (15.39) | (5.39) | (10.39) |
| Lloyd's market | 53,368,968 | 5.37 | 14.57 | 9.97 | |
Syndicate results and forecasts are expressed as a percentage of allocated capacity and are after all standard personal expenses but before members' agents' charges.