Share this page

Lloyd's Market Review: Q2 2026

The first quarter of 2026 has been notably active for the Lloyd’s of London market, with strong financial results delivered for the 2025 year, and the announcement of a new five-year strategic framework by Lloyd’s Chief Executive Officer, Patrick Tiernan.

Recent global events and escalations have nonetheless tested this foundation, driving repricing across marine cargo, aviation war, and political violence lines, while the pricing cycle continues to moderate in the face of increased competition. 

This quarter, our report dives into:

  • Lloyd’s FY2025 performance and strategy: including strong profitability, a third consecutive year of returns in excess of 20%, and the highlights of Lloyd’s new five‑year strategic framework.
  • Escalating geopolitical risk: with a focused analysis of Middle East tensions and their impact on marine war, aviation war and political violence pricing amid a moderating wider cycle.1
  • Capital and risk outlook: exploring Lloyd’s resilience, selective capacity deployment, and longer‑term growth opportunities driven by protection gaps, complex risks and investor demand for insurance‑linked assets.
Download the report

1: While this report reflects the most up‑to‑date information available at the time of publication, developments continue to evolve and may change.

More from research:

Our dedicated research team provide independent and current analysis of the Lloyd’s and wider insurance and reinsurance markets, specifically tailored to the needs of our clients. You can access all our latest news and research below.

Research Insights

Contact us:

Robert Flach
Managing Director
 

Robert.Flach@argentagroup.com 
+44 (0)20 7825 7179

Kate Tongue
Executive Director

Kate.Tongue@argentagroup.com 
+44 (0)20 7825 7231

You may also be interested in

Q1 Insights: 1/1 renewals and early view of cycle position

The 1 January renewals (1/1) offer an early market view, acting as a barometer for market sentiment and cycle position. At the same time, Lloyd's is undergoing a period of evolution across the market. This piece considers what these most recent events may mean for the year ahead and indeed, the ones that follow.

Read more

Our use of cookies

We use necessary cookies to make our site work. We’d also like to set optional analytics cookies to help us improve it. We won’t set optional cookies unless you enable them. Using this tool will set a cookie on your device to remember your preferences.

For more detailed information about the cookies we use, see our Cookie policy

Analytics cookies

We’d like to set Google Analytics cookies to help us to improve our website by collecting and reporting information on how you use it. The cookies collect information in a way that does not directly identify anyone.

For more detailed information about the cookies we use, see our Cookie policy

: