Blenheim Underwriting, a specialist managing general agent (MGA) and Lloyd’s underwriter, has announced strong underwriting results for Syndicate 5886 in 2025.
Syndicate 5886’s net combined ratio was 80.9%, a year-on-year increase of 3.8%.
Strong underwriting results generated a profit of £72m, marking a 27% increase in total consolidated earnings compared with 2024.
Blenheim Underwriting’s 2025 results mark a major milestone for Syndicate 5886, cementing its transformation from a start-up (founded in 2027) to a consistently profitable player in the Lloyd’s market.
Blenheim has now closed the 2023 accounting year (YOA), delivering a 21% profit for the capital provider under Lloyd’s of London’s three-year accounting system.
Blenheim noted that while the subsequent opening years of 2024 and 2025 remain “risky” – meaning claims can still develop – they “look profitable at this stage of development”.
Although 2024 is a year of severe natural disasters, YOA’s profitability is expected to be between 10% and 20% in 2024, according to Argenta Group.
For YOA 2025, early data suggests continued profitability as the group capitalizes on its increased stamp production capacity (£525 million, as stated in Blenheim’s “Group Annual Report and Accounts for 31 December 2024”).
Peter Scales, Group Chairman and Chief Executive Officer, said: “Our growing underwriting syndicate has delivered superior underwriting returns for the third consecutive year. The numbers now reveal the work the entire team has done to build and grow our accounts, as well as the addition of high-quality underwriters who want to collaborate on transactions in our independent underwriting-driven environment.”
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