MAP syndicate forecast update as at 30th September 2025

Managing agents are required to submit data to Lloyd’s on syndicate performance to 30 September 2025 this week. This includes an update to forecasts on the open 2023 and 2024 underwriting years. Lloyd’s releases these forecasts through the investor relations section of its website. This quarter’s scheduled release date is 20 November.

The majority of managing agents also release this information directly to supporting capital. The timing of the release does depend on some external factors, including release of trading statements by listed companies in the UK and overseas. As usual, we will post these to the website as soon as we receive them. We expect to have received the majority ahead of the central release by Lloyd’s.

The first managing agent to release updated forecasts at the end of the third quarter is Managing Agency Partners. As is so often the case, the first numbers to be released are very encouraging, with MAP showing an improvement on all years for both syndicates as follows:

Syndicate 2791

SPA 6103

Forecasts are expressed as a proportion of allocated capacity and are after the deduction of all standard personal expenses, but before members’ agents’ charges. Rates of exchange at the quarter end are US$1.35:£1 and Can$1.87:£1. These exchange rates are a slight weakening of sterling against the US dollar from the end of the second quarter, when forecasts were calculated at US$1.37:£1. The exchange rate for the Canadian dollar is unchanged. The reduction in the value of sterling does act to increase profit when expressed as a proportion of capacity. The improvements at MAP are greater than the movement in foreign exchange alone, meaning there are improvements in underwriting and investment assumptions. 

MAP reminds capital providers that profits are distributed in original currency, without hedging and exchange rate volatility may continue to impact the result when reported in sterling.