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9 October 2023

Hiscox takes Gold for best performing Lloyd's syndicate 

Six syndicates are recognised for their best-in-class underwriting performance over the last year

Our inaugural Lloyd’s Underwriting Ratings has named Hiscox-managed Syndicate 33 as the best syndicate in the market with a score of 75% for 2023, up two percentage points on the previous year. 

The syndicate’s performance was buoyed by a market-leading rating for the improvement in underwriting result after it reported a £184.0m underwriting profit, a £90.3m improvement on the previous year. 

Syndicate 33 is joined on this year’s list of Gold Award winners by Lancashire-managed Syndicate 2010 with a score of 74%, Aspen-managed Syndicate 4711 (73%), Asta-managed Syndicate 4242 (72%), Aegis-managed Syndicate 1225, and Chubb-managed Syndicate 2488 (70%). 

Based on our proprietary formula, the research rated every Lloyd’s syndicate across three key metrics to assess underwriting performance – underwriting result, aggregate underwriting result over the last three years, and the improvement in the underwriting result for the most recent year. 

The research found that overall underwriting performance has declined over the last 12 months, with the average score falling five percentage points to 61% for 2023, down from 66% a year earlier. 

This is, however, a significant improvement on 2021 when the average rating stood at just 55%. 

Performance was, however, buoyed by a £1.5bn aggregate underwriting profit, which represents a £331.4m improvement on the previous year. 

Despite this improvement, the overall score was dragged down as the Improvement Rating fell by 14 percentage points to 58% for 2023. This is down from 72% a year earlier as the market returned to profitable territory after reporting a £3.3bn improvement in its underwriting result following a series of loss-making years. 

Underwriting Ratings for every Lloyd’s syndicate are available through the Insurance DataLab market intelligence platform, with scores broken down by business line to reveal which syndicates are delivering a best-in-class performance. 

Register for a free trial of the platform here, and find out how Insurance DataLab can help your business better understand the market. 

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