2021 Syndicate Results

Syndicate annual results1 ranged from a profit of 71% NPE (Net Premium Earned) to a loss of 107% NPE for those syndicates trading in 2021, excluding RITC syndicates.

The overall market weighted average profit1 for syndicates trading in 2021 (excluding RITC syndicates) was 7.0% of NPE.

The weighted average overall results1 by quartile were:
Top quartile +20.5% NPE
Second quartile +8.8% NPE
Third quartile +0.3% NPE
Fourth quartile -14.7% NPE

The overall loss1 for the bottom quartile of syndicates, representing 11% of total NPE, represented 24% of the overall market profit for those syndicates trading in 2021.

1 Excluding capital-related returns (primarily investment returns on Funds at Lloyd’s deposited at the syndicate level); a limited number of syndicates hold capital at the syndicate level and these returns have been excluded to achieve comparability between syndicates.

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 71% of the market’s capacity, with quantitative Scorecard Indicators assigned to syndicates representing c.93% 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.

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