Private Capital News
The second of this year’s series of capacity auctions was completed today. An aggregate of £69m of capacity was traded on 18 syndicates. Seven of the syndicates achieved a higher price this week, compared to last, with ten falling in price. One traded for exactly the same price both weeks. Overall pricing was down, the average price paid to acquire capacity fell 30% to 16.7p, and the more representative index of all names’ capacity also fell, to 31.5p, a fall of 13%.
The data for the first day of the second capacity auction of 2020 was released earlier today by Lloyd’s.
In total, £53m of capacity is being tendered for sale across 19 syndicates. In addition to the £53m of tendered capacity, Day 1 also saw £502m of subscriptions (buy orders) lodged. This includes £469m from Beazley and £20m from Atrium for Syndicates 623 and 609 respectively, leaving £13m of other subscriptions.