Deceased Names' Auction Results

Last week, a capacity auction was held to sell the capacity belonging to the estates of those unlimited members who died after the main series of auctions. In total, an aggregate of £1.98m was available to buy, across 13 syndicates.

Auction proceeds totalled £907,344. Prices for the portfolio were up by 6% on the weighted average at auction in 2022 and by 17% on the final of last year’s three auctions. With the exception of Motor Syndicate 218, which attracted no bidders, the entire allocations on all syndicates were sold and each syndicate achieved a higher price in this auction than the 2022 weighted average.

Although the sample size was very small, we think that at least part of the increase reflects improving fundamentals for members. Stock markets improved in the final quarter of the year, the outlook for interest rates became clearer, and, for UK members, Sterling strengthened against the US dollar. In the insurance markets, the final quarter of the year was quiet from a catastrophe perspective and the hoped-for radical improvements in the reinsurance market at 1 January materialised.

Results for this auction were as follows