Insurance Capital Markets Research (ICMR), a specialist provider of Lloyd’s market data and analytical insights, has released its 2026 edition Syndicate Statisticsa comprehensive review of recent performance and structural trends.
The ICMR estimated in a report that if Lloyd’s was publicly traded, its nominal market value would be more than $100 billion (£77 billion), making it among the UK’s largest financial services institutions and near the upper reaches of the FTSE 100 index.
Markus Gesmann, co-founder of ICMR, commented: “The paradox of the current market is that while returns are at historically high levels, access to new capital remains a slow and complex process.”
“For institutional investors, the process from raising capital to actually deploying funds at Lloyd’s (FaL) can be very slow, taking three years to achieve full deployment, and that does not take into account further deployment delays due to portfolio changes each year. However, for investors who view Lloyd’s as part of a wider industry strategy, these barriers can be overcome.”
The review comes after Lloyds announced record pre-tax profits of £10.6 billion in 2025. Using the RISX stock index as a reference point, ICMR’s analysis suggests market valuation is around 1.65 times book value, reinforcing the implied overall valuation.
This publication is designed to support market participants in interpreting Lloyd’s of London’s size and structure. It is divided into two parts, the first part is Lloyds Insight Report, It provides a strategic overview of overall market results and trends.
This section is available digitally to members of Lloyd’s Market Association by exclusive arrangement. Section 2, syndicate statistics, Provides detailed data sets covering each active group, including aggregate and business-level financial results and performance indicators.
This year’s edition, produced with support from industry partners including Helios Underwriting PLC, Artex Risk Solutions and Peel Hunt LLP, includes Milliman’s expert commentary on reserve practices.
The report also incorporates a range of analytical perspectives on current market dynamics. These include examining capital allocation approaches across syndicates, gaining insight into reserve adequacy and future expectations, and analyzing performance differences between higher and lower performing syndicates within the market.
Quentin Moore, co-founder of ICMR, added: “If Lloyd’s is to remain a leader in the global specialist risk market, investors must find more efficient ways to scale capital up and down.”
“Whether it’s through ‘renting’ capacity from existing members as a cycle management tool or using mobile agents for day-one deployment, the industry needs to bridge the gap between insurance underwriting needs and modern capital markets realities.”
