Press Release

LONDON, 23rd July 2020 – Syndicate Research Limited (SRL) today downgraded the B+^ (Above Average), negative outlook, Continuity Opinion of Lloyd’s syndicate 2003 (Catlin Underwriting Agencies Limited) to B^ (Average) in light of the syndicate’s recent 5-year average performance relative to its Continuity Opinion peer group. The outlook for the Continuity Opinion is stable.

LONDON, 23rd July 2020 – Syndicate Research Limited (SRL) today affirmed the B+^ (Above Average) Continuity Opinion of Lloyd’s syndicate 4472 (Liberty Managing Agency Limited). The outlook for the Continuity Opinion has been changed from stable to negative in light of reduced profitability in recent years and an expectation of reducing investment returns that have historically underpinned its results.

LONDON, 15th July 2020 – Syndicate Research Limited today downgraded the B (Average), under review for possible downgrade, Continuity Opinion of Lloyd’s syndicate 1200 (Argo Managing Agency Limited) to B- (Below Average) following the announcement of the syndicate’s 2019 annual results and additional deterioration on the syndicate’s 2018 open year account forecast since then. The outlook for the Continuity Opinion is negative.

2019 Syndicate Results

Syndicate annual results excluding non-technical investment returns (investment returns on Funds at Lloyd’s deposited at the syndicate level), ranged from a profit of 84% NPE (Net Premium Earned) to a loss of 109% NPE for those syndicates trading in 2019, excluding RITC syndicates.

The overall market weighted average technical profit for syndicates trading in 2019 was 1.7% of NPE.

The weighted average technical results by quartile were:
Top quartile +12.0% NPE
Second quartile +4.6% NPE
Third quartile -2.1% NPE
Fourth quartile -21.9% NPE

Independent and Experienced in Lloyd’s Research

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

Syndicate Continuity Opinions (SCOs) 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.