Independent and Experienced in Lloyd’s Syndicate Research

Syndicate Research Limited (SRL) provides in-depth research, analysis and commentary on all trading syndicates operating in the Lloyd’s of London insurance market.

Syndicate Continuity Opinions (SCOs) – taking into account cross-cycle Returns on Capital and Group support – have been assigned to active syndicates representing some 75% of the market’s capacity, with quantitative Scorecard Indicators assigned to syndicates representing c.90% of the market’s capacity.

With a combined experience of the Lloyd’s market of over 50 years, our team produces research which is used by clients the world over.

We value our independence; we do not accept payment from the syndicates or managing agents for coverage of their businesses.

In 2026, the business is celebrating 30 years of covering all Lloyd’s syndicates.

Our Experience

• Recognised by Moody’s Investors Service (Moody’s) as one of the pre-eminent Lloyd’s market research teams: Moody’s acquired the business in 1998 with the business remaining part of Moody’s Corporation until 2014.

• Identification of ceasing P&C Syndicates in 2017-20 downturn; non-aligned capital losses of £258m: Of the 12* P&C syndicates (non-SPA) which ceased during 2017-20, all had negative opinions prior to ceasing.

Using SRL’s negative opinions, the cumulative losses that could have been avoided* by third party capital in the 3-years prior to the year that the syndicate ceased were: Traditional Names: £56.4m. All non-aligned capital: £257.9m

* Please refer to our ‘About Us’ page for further information.

• Specialist research company of choice for Broker Market Security departments: The team has been providing Lloyd’s research to some of the major Lloyd’s brokers for over 25 years.

• Portfolio analysis for £250m portfolio: Research provider of choice to deliver a quarterly board report derived from QMR and business plan data on a £250m portfolio and its underlying syndicate participations.

• COVID analysis: First independent research entity to state that Lloyd’s COVID losses were entirely manageable.

• Recognised for correct assessment of the impact of the World Trade Center (WTC; 9/11) losses on Lloyd’s: The team correctly highlighted the extent of the pressure on Lloyd’s Financial Strength and the potential impact on solvency following the WTC attacks, and was correct in its view that the market would recapitalise.