NormanMax 3939 must offer Names buyout after auction selldown
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NormanMax 3939 must offer Names buyout after auction selldown

The start-up has struggled to build scale since its 2024 launch and has cut back its 2026 stamp.

By Rachel Dalton
October 29, 2025
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A photograph of the Lloyds Building in London from ground up

NormanMax Syndicate 3939’s aligned capacity has increased by almost 40 points to 98.16% at the latest auctions, as Names move to drop the start-up syndicate.

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News Lloyd's Property treaty Reinsurers Claims and losses Capital raising Catastrophe losses London market
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