Private Capital News
The auction to reallocate capacity released by the death of an unlimited member at the end of last year was concluded yesterday. There was a total of 30 successful bids to buy capacity, with average prices well up on those achieved in the three auctions held last autumn. In aggregate, this auction raised a total of £1.65m for the member’s estate. This represents an uplift of 11.3% over the average price of capacity over the three 2020 auctions and of 25.8% over the final auction.
Results were as follows:
We will shortly be issuing a newsletter, in which we will cover a number of issues of interest to underwriting members of Lloyd’s.
One of the key areas is the reinsurance renewals that fall due at the year end. Given poor results and increasing levels of natural catastrophe activity, rates are continuing their upward trajectory. Following a round of meetings with underwriters, we will be looking at the 1/1 renewals in detail.
The newsletter be sent to clients in the second half of this month.