PRESS RELEASE
15 April 2024
The Lloyd’s Market Association and Insurance Capital Markets Research release Insights Report on Lloyd’s record-breaking 2023 results
London, 15 April 2024: The Lloyd’s Market Association (LMA) and Insurance Capital Markets Research (ICMR) present a detailed analysis and comment on the Lloyd's 2023 results, following our preliminary press release on 11 March 2024.
Lloyd’s recently announced its best ever profit of £10.7bn which sets it on course to achieve its best return on capital for over 15 years. For the highlights of the analysis and access to the full Insights Report visit the LMA website here.
The full insights report, authored by the LMA and ICMR, covers both the performance of the market as a whole and offers a deeper dive into individual syndicate performance. The drivers for growth and profitability are explored for syndicates of differing size and maturity as well as the risk return profiles of the high-level classes of business. The report includes benchmarking which shows that the market’s performance over the last 20 years is favourable against liquid specialty (re)insurance investment and catastrophe bond indices.
Paul Davenport, Finance & Risk Director at the LMA, said: “Lloyd’s results last year have been exceptional and demonstrate the resilience of the market as we head into uncertain times. This collaborative report with ICMR provides valuable insights for our members as they prepare for the coming challenges and opportunities.”
Markus Gesmann, co-founder of ICMR added: “The 2023 results are a testament to the combined efforts of syndicates and managing agents across Lloyd’s. Our analysis and data highlight the areas where strategic decision-making and underwriting discipline have paid off. It also demonstrates that Lloyd’s can be a great platform for entrepreneurs and investors.”
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Notes to Editors
Media relations contacts
LMA:
Carole Porter, Head of Communications | +44 (0)20 3307 3947 | Email: carole.porter@lmalloyds.com
H/Advisors Cicero:
Sian Bradshaw | +44 (0) 772 838 2373 | Email: lma@cicero-group.com
About the Lloyd’s Market Association (LMA)
The Lloyd's Market Association (LMA) exists at the very heart of Lloyd's, a world-leading global marketplace for complex risk where solutions to challenges are delivered every day. All 55 Lloyd's managing agencies, with a total market stamp capacity of approximately £52.6bn in 2024, and all Lloyd's members' agents, are members of the LMA.
We represent our members' interests to organisations including governments, regulators, and the market's central supporting body, the Corporation of Lloyd's. We provide professional and technical expertise in areas ranging from model policy wordings to the implementation of innovative technologies. We connect with our members to identify and resolve issues facing the market, and work in partnership with Lloyd's and the other market associations to influence initiatives and outcomes. We operate the market's most comprehensive technical education service, the LMA Academy. For more information visit: www.lmalloyds.com
About Insurance Capital Markets Research (ICMR)
Insurance Capital Markets Research (ICMR) is a quantitative research consultancy that provides independent insights on the global specialty (re)insurance industry. Our team of industry experts has a proven track record of delivering valuable research that helps clients make informed decisions.
ICMR was founded by Lloyd’s former heads of analysis and research who also worked together in the capital markets and insurance linked securities. ICMR was established in early 2020 and launched the RISX Index with Morningstar in 2021. For more information visit https://insurancecapitalmarkets.com.