Auction One results

The first of this year’s three capacity auctions was completed today. A total of £92m of capacity changed hands, with many prices sharply up on 2022. Each of the 17 syndicate with tradeable participation rights achieved value. Beazley Syndicate 623 was the most actively traded of all, accounting for £35m of capacity. The highest individual price was for the nuclear Syndicate 1176, at £2.32/£1.

The average price paid to acquire capacity was 41.4p/£1 of capacity. The index of all capacity owned by members is now at 43.1p. This index includes all capacity owned by individual members and is a more representative indication of syndicate value as it is weighted by members’ aggregate holdings. Across the three auctions of 2022, this index was 35.2p, suggesting an increase in prices of around 22%.

The second auction will be held on Wednesday and Thursday 25^th and 26^th October. A schedule of results is available here