MAP
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Plus, the latest people moves and all the top news of the week. -
Lloyd’s maverick syndicate produces impressive results, but questions remain over succession.
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Managing agents submitted audited returns to Lloyd’s yesterday.
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The Lloyd’s business reported a 95% CoR for 2022, a deterioration of two points on the 2021 result.
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As a result, the firm intends to tender capacity on Syndicate 2791 in the Lloyd’s capacity auctions.
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The managing agent – one of the best performing in Lloyd’s – said the raise was in response to expected premium growth and a strengthening US dollar environment.
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MAP’s underwriting director Chris Smelt has been named as his successor.
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The active underwriter of Syndicate 2791 called for models to account for rising prices.
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Emerging results suggest a far-improved Lloyd’s underwriting performance in 2021.
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Some 126 brokers and 95 underwriters featured on the overall leaderboard.
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The MAP active underwriter also warns that Lloyd’s business plan upgrades risk creating a “still-born” market recovery.
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Nine broking houses made it to the ranking this year versus 54 underwriting firms.
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