2020 Syndicate Results
Syndicate annual results excluding non-technical returns (primarily investment returns on Funds at Lloyd’s deposited at the syndicate level), ranged from a profit of 95% NPE (Net Premium Earned) to a loss of 189% NPE for those syndicates trading in 2020, excluding RITC syndicates and “Syndicate-In-A-Box” start-ups.
The overall market weighted average technical loss for syndicates trading in 2020 (excluding RITC syndicates) was 7.4% of NPE.
The weighted average overall technical results by quartile were:
Top quartile +11.6% NPE
Second quartile -2.5% NPE
Third quartile -11.2% NPE
Fourth quartile -36.5% NPE
The overall technical loss for the bottom quartile of syndicates, representing 16% of total NPE, accounted for 77% of the market’s loss.
Lloyd’s Full Year Results
The Lloyd’s Market has reported a pre-tax loss of £887m for 2020 on a combined ratio of 110.3% (2019: profit £2,532m; 102.1%), being a loss of 3% on average capital (2019: 9% profit). The result was impacted by £3.4bn of COVID-19 losses, adding 13.3 points to the combined ratio, and a higher frequency of catastrophe losses. A 5.3 point improvement in the attritional loss ratio and 1.5 point reduction in expenses materially improved the underlying results.
The 110% combined ratio and overall loss of 3.4% of NPE was in line with SRL’s expectations of a ‘combined ratio for full-year 2020 of around 110%’ and a limited loss for the year ‘of some 5% NPE’ (Lloyd’s Interim Results H1 2020 Special Report September 2020).
Investment returns were reduced at 8.8% of NPE (2019: 13.7%, benefiting from mark-to-market gains).
Lloyd’s overall loss of 3.4% of NPE compares to a profit of 9.8% NPE in 2019.
SRL notes that the accident year combined ratio excluding major losses was 89% (calendar year combined ratio excluding major losses 87%, net of prior year releases) and compares to the 10-year average major claims for Lloyd’s of 12% NPE. However, the improvements following Lloyd’s Performance Review of 2018 are now flowing through to the reported results, with the benefits of recent rate increases yet to be reflected and continuing pressure to maintain momentum against a background of likely reduced investment returns and the potential for marked to market investment losses.
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 72% of the market’s capacity, with quantitative Scorecard Indicators assigned to syndicates representing c.95% 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.
Date | Document Type | Title | |
---|---|---|---|
16 Apr 2021 | Lloyd's Market Information | Syndicate Annual Results | |
14 Apr 2021 | Lloyd's Market Information | Lloyd's Global Results | |
01 Apr 2021 | Lloyd's Market Information | Managing Agent Forecasts | |
28 Feb 2021 | Lloyd's Market Report | Lloyd’s Monitor February 2021 | |
20 Feb 2021 | Lloyd's Market Information | Indicative Syndicate Capacities | |
24 Feb 2021 | Syndicate Profile | Syndicate 1609 | |
23 Feb 2021 | Lloyd's Market Information | Lloyd's Market Statistics | |
21 Feb 2021 | Syndicate Profile | Syndicate 2987 | |
22 Feb 2021 | Syndicate Continuity Opinions Executive Summary | Summary Continuity Opinions Research | |
21 Feb 2021 | Syndicate Profile | Syndicate 0318 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2623 | |
21 Feb 2021 | Managing Agency Profile | Managing Agents Trading at Lloyd’s 2021 | |
21 Feb 2021 | Lloyd's Market Information | Syndicates and Sub-Syndicates Trading at Lloyd's | |
21 Feb 2021 | Syndicate Profile | Syndicate 1274 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1225 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1221 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1218 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1200 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1183 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1176 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1084 | |
21 Feb 2021 | Syndicate Profile | Syndicate 0727 | |
21 Feb 2021 | Syndicate Profile | Syndicate 0623 | |
21 Feb 2021 | Syndicate Profile | Syndicate 0609 | |
21 Feb 2021 | Syndicate Profile | Syndicate 0557 | |
21 Feb 2021 | Syndicate Profile | Syndicate 0510 | |
21 Feb 2021 | Syndicate Profile | Syndicate 0457 | |
21 Feb 2021 | Syndicate Profile | Syndicate 0435 | |
21 Feb 2021 | Syndicate Profile | Syndicate 0386 | |
21 Feb 2021 | Syndicate Profile | Syndicate 0382 | |
21 Feb 2021 | Syndicate Profile | Syndicate 0218 | |
21 Feb 2021 | Syndicate Profile | Syndicate 0033 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1840 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1796 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1729 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1686 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1618 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1492 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1458 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1414 | |
21 Feb 2021 | Syndicate Profile | Syndicate 6134 | |
21 Feb 2021 | Syndicate Profile | Syndicate 6133 | |
21 Feb 2021 | Syndicate Profile | Syndicate 6132 | |
21 Feb 2021 | Syndicate Profile | Syndicate 6131 | |
21 Feb 2021 | Syndicate Profile | Syndicate 6117 | |
21 Feb 2021 | Syndicate Profile | Syndicate 6107 | |
21 Feb 2021 | Syndicate Profile | Syndicate 6104 | |
21 Feb 2021 | Syndicate Profile | Syndicate 6103 | |
21 Feb 2021 | Syndicate Profile | Syndicate 5886 | |
21 Feb 2021 | Syndicate Profile | Syndicate 5623 | |
21 Feb 2021 | Syndicate Profile | Syndicate 5000 | |
21 Feb 2021 | Syndicate Profile | Syndicate 4747 | |
21 Feb 2021 | Syndicate Profile | Syndicate 4711 | |
21 Feb 2021 | Syndicate Profile | Syndicate 4472 | |
21 Feb 2021 | Syndicate Profile | Syndicate 4444 | |
21 Feb 2021 | Syndicate Profile | Syndicate 4242 | |
21 Feb 2021 | Syndicate Profile | Syndicate 4141 | |
21 Feb 2021 | Syndicate Profile | Syndicate 4020 | |
21 Feb 2021 | Syndicate Profile | Syndicate 4000 | |
21 Feb 2021 | Syndicate Profile | Syndicate 3902 | |
21 Feb 2021 | Syndicate Profile | Syndicate 3624 | |
21 Feb 2021 | Syndicate Profile | Syndicate 3623 | |
21 Feb 2021 | Syndicate Profile | Syndicate 3622 | |
21 Feb 2021 | Syndicate Profile | Syndicate 3268 | |
21 Feb 2021 | Syndicate Profile | Syndicate 3010 | |
21 Feb 2021 | Syndicate Profile | Syndicate 3002 | |
21 Feb 2021 | Syndicate Profile | Syndicate 3000 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2999 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2988 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2791 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2786 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2689 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2525 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2488 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2357 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2288 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2232 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2121 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2019 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2015 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2012 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2010 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2003 | |
21 Feb 2021 | Syndicate Profile | Syndicate 2001 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1975 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1971 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1969 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1967 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1955 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1947 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1945 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1919 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1910 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1892 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1880 | |
21 Feb 2021 | Syndicate Profile | Syndicate 1856 | |
19 Feb 2021 | Data / Peer Analysis | Lloyd's Syndicate Peer Data | |
19 Feb 2021 | Lloyd's Market Information | Syndicates Trading 1993 and Subsequent | |
05 Feb 2021 | Syndicate Profile | Syndicate 1856 |