Lloyd's capacity auctions conclude with £179m traded in total

The third and final of this year’s series of auction concluded today. As has become a recurrent feature, the final auction was the smallest of the year, with £39m of capacity changing hands. This brought the total traded to £173m, 13% up on last year’s total volume of £153m. Twenty of the twenty-one syndicates with tradeable capacity achieved value.

The prices this year are down on 2024. Argenta creates an index of all third-party capacity to track prices over time. This index shows the average value of all third-party members’ capacity settling at 36.8p per £1 this year, down from 41.4p in 2024.

The most significant change is the inclusion of three large new syndicates, Convex 1984, Oak 2843 and Fidelis 3123, which traded at 8.4p, 0.7p and 0.6p respectively. Until these syndicates establish a trading record, it is likely that they will continue to trade at lower than average values.

The index rose during the year, although the overall movement was very small this year; the final auction index being just 2% higher than the first and 0.7% above the second.

Beazley 623, with £12m traded, was again the most actively traded syndicate, but there were upswings in trading for Fidelis 3123, with £11m changing hands, and at HRP 2689, with £5m exchanged.

The Lloyd’s auction reports for all three of this year’s auctions are available here: Results - Lloyd's

A summary of this year’s auctions is available here.