By Carlos Pallordet

March 21 - (The Insurer) - Aegis Syndicate 1225 was the top performer among syndicates with more than 1 billion pounds ($1.29 billion) in gross written premiums in 2024, analysis by The Insurer shows.

The Lloyd's market as a whole delivered a combined ratio of 86.9% last year. This was a 2.9 percentage point deterioration from the 84.0% recorded in 2023, which was its best performance since 2006.

Despite the overall decline in underwriting profitability, sustained pricing adequacy enabled most of the largest syndicates to maintain their combined ratios below 90%.

Liberty Syndicate 4472 delivered the largest combined ratio improvement among syndicates with more than 1 billion pounds in GWP, with the metric narrowing by 17.6 points to 89.1%.

Aspen Syndicate 4711 also reported a significant improvement with its combined ratio falling by 4.3 points in 2024. At 82.4%, Aspen's combined ratio was second only to Aegis Syndicate 1225 in its group.

Canopius Syndicate 4444's combined ratio improved to 86.3% in 2024 from 87.3% the previous year

Meanwhile, Hiscox Syndicate 33 and QBE Syndicate 2999, which in previous years had vied for the top position, saw their combined ratios worsen by 6.7 points and 7.7 points, respectively. Nevertheless, both syndicates managed to remain below 90%.

Beazley Syndicate 3623 and Ariel Re Syndicate 1910 reported the most significant deterioration in combined ratios, with increases of 67 points and 46 points, respectively. In both cases, the ratios reverted to their long-term trend after an abnormally low result in 2023.

RenaissanceRe Syndicate 1458’s combined ratio rose 16.5 points to 90.3% after the syndicate wrote 33% more business in 2024.

Overall, Lloyd’s GWP increased by 6.5% to 55.5 billion pounds in 2024, reflecting 8.5% growth, primarily in the property and reinsurance segments, 0.3% price change and a negative 2.3% impact from foreign exchange movements.

Among syndicates with GWP exceeding 100 million pounds, Nephila Syndicate 2357 achieved the lowest combined ratio in 2024.

Backed entirely by capital from managed insurance-linked securities portfolios raised from institutional investors, the syndicate posted a combined ratio of 72.7%, marking its third consecutive year at the top of the rankings.

Cincinnati Global Syndicate 318 secured second place with a combined ratio of 74.8%, a 1.1 point improvement compared to the previous year.

Mosaic Syndicate 1609 recorded the most dramatic performance improvement, producing a combined ratio of 79.4% in 2024, down from 101.2% in the previous year.

The table below highlights the 15 best performers among syndicates with GWP in excess of 100 million pounds, as measured by combined ratio for the 2024 calendar year.

Startups dominate the list of the worst-performing Lloyd’s syndicates in 2024

In 2024, 14 syndicates reported combined ratios exceeding 100%, a list predominantly comprised of startups due to their high expense ratios.

Among them was Apollo-managed NormanMax Syndicate 3939, which recorded the highest combined ratio at 289.3%. The startup began underwriting in May, later than initially planned, resulting in performance below its targets.

Africa Specialty Risks Syndicate 2454, another 2024 startup managed by Apollo, ranked second with a combined ratio of 188.3%, followed by AdA Special Purpose Arrangement 2024 with a combined ratio of 133.1%.

Other startups in the bottom quartile included Axis Energy Transition Syndicate 2050, which posted a combined ratio of 125.4%, and the Fidelis Partnership Syndicate 3123, with a combined ratio of 121.9%.

Among the more established syndicates, Volante Syndicate 1699 and QBE Syndicate 386 saw their combined ratio surge to 104.2% and 102.9% respectively.

A list with combined ratios and GWP for all syndicates is presented below.