2023 Syndicate Results

Syndicate annual results ranged from a profit of 153% NPE (Net Premium Earned) to a loss of 15% NPE1 for those syndicates trading in 2023.

The overall market weighted average profit2 for syndicates trading in 2023 (excluding RITC syndicates) was 22.5% of NPE.

The weighted average overall results2 by quartile were:
Top quartile +35.9% NPE
Second quartile +22.5% NPE
Third quartile +17.1% NPE
Fourth quartile +6.5% NPE

The overall profit2 for the bottom quartile of syndicates, representing 12% of total NPE, represented 3% of the overall market profit for those syndicates trading in 2023.

1 Results excluding RITC, Syndicate In A Box, first year syndicates and LPT-affected results.
2 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 65% of the market’s capacity, with quantitative Scorecard Indicators assigned to syndicates representing c.94% of the market’s capacity.

Our clients include several of the main Lloyd’s brokers who have valued our research input for over 20 years.

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.

Latest Research