LONDON, Oct. 23, 2025 (GLOBE NEWSWIRE) -- Syndicate Research Limited (SRL) has assigned Continuity Opinions (SCOs) to the following Lloyd's syndicates, reflecting SRL's view of relative performance and continuity prospects for the syndicates over the insurance cycle.
SRL commented that following these actions SCOs have now been assigned to 77% of Lloyd's market capacity and scorecard indicators to 92% of market capacity; research is issued on all trading syndicates.
SRL stated that the main SCO factors incorporated into its internal scorecard are (i) cross-cycle indicative average annual returns on capital (ROAC) and (ii) group support.
RenaissanceRe syndicate 1458 - B (Average)
Syndicate 1458 (RenaissanceRe Syndicate Management Limited) ROAC in line with the B Average peer group. With an overall score of B Average including group support SRL has assigned a B (Average) Continuity Opinion. Outlook stable.
Axis syndicate 1686 - B^ (Average)
Syndicate 1686 (Axis Managing Agency Limited) ROAC in line with borderline B Average / B- Below Average benchmarks and the B Average peer group. With syndicate 1686 representing a meaningful part of Axis Group's premium, SRL has assigned a B^ (Average) Continuity Opinion. Outlook stable.
Arch syndicate 1955 - B (Average)
Syndicate 1955 (Arch Managing Agency Limited) ROAC in line with borderline B Average / B- Below Average benchmarks and the B Average peer group. With support from Arch Capital Group but a materially changed book in 2019 and 2022, SRL has assigned a B (Average) Continuity Opinion. Outlook stable.
W R Berkley syndicate 1967 - B^ (Average)
Syndicate 1967 (W. R. Berkley Syndicate Management Limited) ROAC in line with B- Below Average benchmarks, but in line with B Average benchmarks excluding 2020/2021 COVID losses. With attributes in line with historic B Average peer group syndicates despite its significant 2020 loss from COVID, SRL has assigned a B^ (Average) Continuity Opinion. Outlook stable.
Arch syndicate 2012 - B (Average)
Syndicate 2012 (Arch Managing Agency Limited) ROAC in line with B Average benchmarks and the B Average peer group. With support from Arch Capital Group but reserve deterioration for 2024, SRL has assigned a B (Average) Continuity Opinion. Outlook stable.
Lancashire syndicate 3010 - B+^ (Above Average)
Syndicate 3010 (Lancashire Syndicates Limited) ROAC in line with B+ Above Average benchmarks. Notwithstanding an element of uncertainty over the syndicate's ultimate losses from the Russia/Ukraine conflict, SRL has assigned a B+^ (Above Average) Continuity Opinion.
With Lancashire syndicate 2010 now 100% owned for 2026, however, and the potential, in SRL's view, for Lancashire to merge syndicate 3010 with syndicate 2010, which has cross-cycle indicative average returns on capital in line with lower end B Average benchmarks, within the next two years, the outlook for the Continuity Opinion is negative.
White Mountains syndicate 3902 - B+^ (Above Average)
Syndicate 3902 (Ark Syndicate Management Limited) ROAC in line with borderline A- Good / B+ Above Average benchmarks. SRL considers that the syndicate is positioned within the higher end of the B+ Above Average peer group and has assigned a B+^ (Above Average) Continuity Opinion. Outlook stable.
Hamilton syndicate 4000 - B^ (Average)
Syndicate 4000 (Hamilton Managing Agency Limited) ROAC in line with B Average benchmarks. With support from the Hamilton Insurance Group, Ltd but with an element of uncertainty with a changed, merged account, SRL has assigned a B^ (Average) Continuity Opinion. Outlook stable.
White Mountains syndicate 4020 - A-^ (Good)
Syndicate 4020 (Ark Syndicate Management Limited) ROAC in line with A- Good benchmarks. SRL considers that the syndicate is positioned within the A- (Good) peer group and has assigned an A-^ (Good) Continuity Opinion. Outlook stable.
Tokio Marine HCC syndicate 4141 - B+^ (Above Average)
Syndicate 4141 (HCC Underwriting Agency Limited) ROAC line with SRL's B+ Above Average benchmarks. With the group confirming that the syndicate is an important platform, but material variability in the syndicate's results, SRL considers that the syndicate is positioned towards the lower end of the B+ Above Average peer group and has assigned a B+^ (Above Average) Continuity Opinion. Outlook stable.
Aspen syndicate 4711 - B-^ (Below Average)
Syndicate 4711 (Aspen Managing Agency Limited) ROAC in line with B- Below Average benchmarks and the B- Below Average peer group. Notwithstanding a realigned book and profits in 2022-2024, SRL considers that the syndicate is positioned within the B- Below Average peer group and has assigned a B-^ (Below Average) Continuity Opinion. Outlook stable.
SRL's Continuity Opinions are opinions on individual Lloyd's syndicates' relative, potential continuity prospects for policyholders. ^ indicates SCO based on public or limited non-public information.
More information available at www.syndicateresearch.com. Continuity Opinion definitions available at www.syndicateresearch.com/explanatory-notes/.
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