£86m traded in first capacity auction of 2025

The results for the first of this year’s series of three capacity auctions are now available.

A total of £86m of syndicate capacity was traded on 21 syndicates. This is the largest number of syndicates traded at auction for ten years, with Volante Syndicate 1699, Convex Syndicate 1984 and Oak Syndicate 2843 all traded for the first time.

Using Argenta’s index of all capacity, prices were down from 41.4p per £1 of capacity across three auctions in 2024 to 36.9p, although the inclusion of the new syndicates, with relatively low prices, does bring this measure down.

The two most heavily traded syndicates were at opposite ends of the spectrum. Most actively traded was Beazley Syndicate 623, where £15m changed hands at an average of 52.5p per £1 and the second most traded was NormanMax Syndicate 3939, with £10m exchanged at the lowest possible price of 0.1p per £1.

The full schedule of results is available here. The second of this year’s series of three auctions will be held on Wednesday 29^th and Thursday 30^th October.