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Syndicate Management
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About Us
Syndicate Management
Investing at Lloyd's
tax-corporate-services
News
The first of this year’s series of three capacity auctions was completed on Thursday. With £138m of capacity changing hands, volumes traded were the highest for a single auction for twenty years. While the average price paid to acquire capacity was lower than last year, this reflects heavy trading on some lower valued syndicates, especially those that trade with modified freehold agreement. The average value of members’ portfolio (which is an index weighted to capacity held by individual members rather than to the volumes of capacity in a particular auction) was down very slightly on 2025
Summary results are as follows:
| 2026 Auction One | 2025 Auction One | 2025 Auctions One to Three |
Capacity successfully traded | £137.9m | £86.1m | £173.2m |
Subscription (buy) orders | £351.5m | £457.8m | £1,170.4m |
Tender (sale) orders | £173.1m | £136.6m | £309.9m |
Number of syndicates traded | 21 | 21 | 21 |
Average price paid to acquire capacity | 21.2p | 31.9p | 31.1p |
Average of all third party capacity | 36.2p | 36.9p | 36.8p |
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Day one set something of an unusual record, with no subscription bids (offers to buy capacity) but the second day more than made up.
Full results are as follows
Syndicate | Managing Agent | Unadjusted 2025 Average Price | Adjusted 2025 Average Price1 | Approved Pre/(De)-emption for 2027 | Average Price p/£1 | Total Volume (£000s) |
0033 | Hiscox | 73.69 | 73.69 |
| 76.09 | 7,249 |
0218 | IQUW | 13.71 | 13.71 |
| 19.40 | 3,939 |
0318 | Cincinnati | 37.29 | 37.29 |
| 29.00 | 266 |
0386 | QBE | 76.15 | 76.15 |
| 80.63 | 932 |
0510 | Tokio Marine Kiln | 55.66 | 55.66 |
| 55.75 | 8,685 |
0609 | Atrium | 41.98 | 41.98 |
| 46.00 | 6,724 |
0623 | Beazley | 53.00 | 56.80 | (6.68%) | 56.20 | 7,403 |
0727 | SA Meacock | 98.91 | 98.91 |
| 104.43 | 257 |
1176 | Chaucer | 235.50 | 235.50 |
| 225.00 | 211 |
1440 | Polo (Oak) |
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| 309.09% | 0.90 | 480 |
1969 | Apollo | 2.83 | 2.65 | 7.03% | 5.79 | 1,521 |
1984 | Asta (Convex) | 8.45 | 8.45 |
| 6.70 | 14,496 |
2121 | Argenta | 17.72 | 17.09 | 3.66% | 18.00 | 2,326 |
2359 | Nephila |
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| 10.00% | 0.89 | 240 |
2525 | Asta (Ive) | 128.99 | 128.99 | 133.50 | 260 | |
2689 | Asta (HRP) | 6.96 | 5.66 | 23.08% | 5.16 | 21,932 |
2791 | MAP | 86.87 | 112.99 | (23.12%) | 100.00 | 4,756 |
2843 | Polo (Oak) | 0.72 | 0.43 | 66.67% | 0.79 | 20,533 |
3123 | Asta (Fidelis) | 0.56 | 0.47 | 18.05% | 0.88 | 26,080 |
4444 | Canopius | 18.97 | 17.33 | 9.43% | 17.11 | 352 |
5886 | Blenheim | 10.13 | 9.01 | 12.50% | 12.57 | 9,303 |
Totals/Averages |
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| 21.23 | 137,947 | |
Note 1 2025 Prices adjusted for pre-emptions and de-emptions applied for 2027 account
Further data relating unsatisfied bids, successful bids in excess of £100,000 of capacity and syndicate stakeholders can be found on Lloyd's auction website