SRL Assigns Continuity Opinions to 92% of Lloyd's Market

SRL's forward-looking opinions cover 92% of Lloyd's market. Discover which syndicates received top ratings and why.

, and Administrator

2025 October 28 . 3:16 AM

1 min read

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SRL Assigns Continuity Opinions to 92% of Lloyd's Market

Syndicate Research Limited (SRL) has been actively assigning Continuity Opinions (SCOs) to Lloyd's market capacity. These opinions, which assess each syndicate's potential continuity prospects for policyholders, now cover 92% of the stock market today. Notable assignments include Tokio Marine HCC syndicate 4141 and White Mountains' syndicate 3902 receiving 'B+^ (Above Average)' opinions, while Axis syndicate 1686 and Hamilton syndicate 4000 were assigned a 'B^ (Average)' opinion.

SRL's SCOs are forward-looking and consider key factors such as cross-cycle indicative average annual returns on capital (ROAC) and group support. White Mountains' syndicate 4020 achieved the highest rating with an 'A-^ (Good)' opinion, driven by its ROAC aligning with 'Good' benchmarks. Meanwhile, Lancashire syndicate 3010 received a 'B+^ (Above Average)' opinion but with a negative outlook due to uncertainty over Russia/Ukraine conflict losses and potential merger.

Recent assignments also include 'B (Average)' opinions for syndicate 1458 (RenaissanceRe), 1955 (Arch), and 2012 (Arch), with a stable outlook. However, syndicate 2012 faced reserve deterioration for 2024, and syndicate 1955 had a materially changed book in 2019 and 2022. Aspen syndicate 4711 received a 'Below Average' (B-) opinion despite aligning with peers and achieving profits from 2022 to 2024. QBE Underwriting Limited's syndicate 386 maintained an affirmed 'Good' (A-) opinion with rising gross premiums and strong capitalization.

SRL's SCOs provide valuable insights into the continuity prospects of Lloyd's syndicates. With 92% of the stock market now covered, policyholders and investors can make informed decisions. The opinions range from 'A-^ (Good)' to 'B- (Below Average)', reflecting the diverse performance and potential of each syndicate.