Insurance Capital Markets Research, a specialist analytics firm focused on the Lloyd’s market, has published the 2026 edition of Syndicate Statistics, offering a detailed review of recent performance and structural shifts across the market.
ICMR estimates Lloyd’s would carry a notional market capitalisation above $100 bn, or £77 bn, if it traded publicly.
That would place the market among the UK’s largest financial services institutions and near the upper end of the FTSE 100.
Markus Gesmann, co-founder of ICMR, said the current market carries a clear contradiction. Returns sit at historic highs, yet new capital still faces a slow and complicated path into Lloyd’s.
He said institutional investors often need as long as three years to move from fund formation to full deployment of Funds at Lloyd’s, without factoring in further delays caused by annual portfolio adjustments. Still, he said, those barriers are manageable for investors treating Lloyd’s as part of a broader sector strategy.
The paradox of the current market is that while returns are at historic highs, accessing them remains a slow and complex process for new capital
Markus Gesmann, Co-Founder of ICMR
The valuation estimate follows Lloyd’s report of a record pre-tax profit of £10.6 bn for 2025. Using the RISX Equity Index as a benchmark, ICMR said the market would trade at roughly 1.65 times book value, which supports the implied valuation.
The publication is structured in two parts. The first, The Lloyd’s Insights Report, gives a strategic overview of market-wide results and current trends. It is available digitally to members of the Lloyd’s Market Association under an exclusive arrangement.
The second part, Syndicate Statistics, contains a detailed dataset for each active syndicate. It includes financial results and performance measures at both aggregate level and by class of business.
This year’s edition was produced with support from Helios Underwriting PLC, Artex Risk Solutions and Peel Hunt LLP. It also includes specialist commentary from Milliman on reserving practices.
The report takes in a wider set of market questions too. ICMR looks at how syndicates allocate capital, how adequate current reserves appear, what future reserve development may look like, and why performance continues to diverge between stronger and weaker syndicates.
Quentin Moore, co-founder of ICMR, said Lloyd’s will need faster and more efficient capital flows if it wants to keep its position as the leading global market for specialty risk.
He said investors need better ways to scale capital in and out, whether through renting capacity from existing members as a cycle management tool or using liquid proxies for immediate deployment.
If Lloyd’s is to remain the pre-eminent global market for specialty risk, investors must find more efficient ways for capital to scale in and out
Quentin Moore, Co-Founder of ICMR
In his view, the market still needs to close the gap between insurance underwriting and modern capital markets expectations.
