About Us

Syndicate Research Limited (SRL) provides comprehensive, independent research and analysis of the Lloyd’s of London insurance market. The company was set up by Robert Stonehewer-Smith in 2014, continuing a business originally set up by him and two colleagues in 1995, with the business being operated within Moody’s Corporation between 1998 and 2014.

The company is committed to providing independent research on all active syndicates trading at Lloyd’s. Income is purely based on research fees. With regularly up-dated counterparty analysis, syndicate performance assessment, continuity opinions and syndicate peer reviews, SRL offers 100% coverage of individual Lloyd’s syndicates as well as the Lloyd’s market as a whole.

SRL has access to a large database of confidential and non-confidential information covering the Lloyd’s market and its syndicates built up over many years. All syndicate research is forwarded to the relevant agency for review for factual inaccuracies or the inadvertent inclusion of confidential information prior to issue.

Clients range from global (Re)insurance Brokers, multi-national (Re)Insurance Companies, Banks and Associations, to individual Lloyd’s corporate members.


Robert Stonehewer-Smith BA (Hons), ACII Director

Robert has over 25 years’ experience as a Lloyd’s analyst, having initially qualified as a Chartered Accountant with Price Waterhouse. He is also ACII qualified.

He worked as both a Lloyd’s broker and a Lloyd’s members’ agent before focusing on research.

In 1995 Robert set up Lloyd’s research company Syndicate Underwriting Research Limited (SURL) together with two colleagues. The company was acquired by Moody’s Investors Services (MIS) in 1998 and the business was subsequently transferred to Moody’s Analytics.

Robert continued to cover the whole Lloyd’s market, and was in sole charge of the entire research portfolio covering all trading syndicates and the whole Lloyd’s market from 2009.

He was responsible for developing the original methodology for the Syndicate Continuity Opinions.

During his time at Lloyd’s he has witnessed Equitas being set up, the significant losses sustained in the late 1990’s and from the World Trade Center attack in 2001, as well as the establishment of the Performance Management Directorate and more profitable results since then.
Robert established Syndicate Research Limited in 2014 on leaving Moody’s.

Mark Hewlett Consultant

Mark has worked in the insurance industry for over 25 years, starting in a Lloyd’s members’ agency. In 1995 he set up Lloyd’s research company, Syndicate Underwriting Research Limited (SURL), of which he was Managing Director.

SURL was later acquired by rating agency Moody’s Investor Services (MIS), with Mark becoming Managing Director, MIS European Insurance for several years before leaving to run his own business in Ireland.

Mark is acting as a consultant to Syndicate Research Limited (SRL) and is involved on SRL’s Continuity Opinion committees.

Dominic Simpson MA (Hons), ACII Consultant

Dominic has over 25 years’ experience as an insurance analyst and is ACII qualified.

Dominic worked as a members’ agent before focusing on research and was the other key individual involved in SURL, acting as Research Director. Following the sale of SURL to Moody’s Investors Service in 1998, Dominic increasingly focused on non-Lloyd’s credits, becoming lead analyst for several large UK and European groups, including Swiss Re, Munich Re, SCOR, AXA and Lancashire.

Dominic is acting as a consultant to Syndicate Research Limited (SRL) and is involved on SRL’s Continuity Opinion committees.