Managing Agency Partners (MAP) has increased its projected profits for the 2025 underwriting year across Lloyd’s Syndicate 2791 and Special Purpose Arrangement (SPA) 6103, following its assessment of underwriting performance as of September 30, 2026.
The revised forecasts show improved expected profitability for both syndicates, while projections for the 2024 underwriting year remain unchanged.
- MAP Syndicate 2791 increased its 2025 underwriting year profit forecast to 20-27.5% of allocated capacity, from 17.5%-25%, improving the midpoint by 2.5 percentage points.
- SPA 6103 raised its 2025 forecast to 37.5-45%, compared with 32.5-42.5% previously, representing a midpoint improvement of approximately 3.8 percentage points.
- Forecasts for the 2024 underwriting year remain unchanged. Lloyd’s is scheduled to publish its consolidated syndicate forecasts on November 20, 2026.
MAP was the first managing agent to release updated figures following the third quarter, ahead of Lloyd’s scheduled market-wide publication on November 20.
MAP Syndicates 2791 and 6103 increase 2025 profit expectations
The latest estimates indicate higher projected returns on allocated underwriting capacity for both MAP syndicates.
Syndicate 2791 increased its forecast profit range for the 2025 year of account to 20-27.5%, compared with its previous estimate of 17.5%-25%.
The midpoint of the revised range is 23.75%, up from 21.25%, representing an improvement of 2.5 percentage points.
SPA 6103 recorded a larger upward revision, with its 2025 forecast increasing to 37.5-45.% from 32.5-42.5%. The midpoint rose from 37.5% to 41.25%, an increase of 3.75 percentage points, reported as approximately 3.8 percentage points.
The revised forecasts are based on the syndicates’ positions at September 30, 2026.
| Syndicate | Underwriting year | Capacity (£000s) | Previous forecast | Updated forecast | Midpoint change |
|---|---|---|---|---|---|
| MAP 2791 | 2024 | 647,791 | 15.0%-20.0% | 15.0%-20.0% | Unchanged |
| MAP 2791 | 2025 | 649,015 | 17.5%-25.0% | 20.0%-27.5% | +2.5 points |
| SPA 6103 | 2024 | 89,223 | 22.0%-27.0% | 22.0%-27.0% | Unchanged |
| SPA 6103 | 2025 | 99,600 | 32.5%-42.5% | 37.5%-45.0% | +3.8 points |
MAP maintains 2024 underwriting year profit forecasts
Managing Agency Partners retained its previous profit expectations for the 2024 underwriting year across both syndicates.
Syndicate 2791 continues to forecast a profit of 15.0%-20.0% of allocated capacity, based on capacity of £647.791 mn. SPA 6103 maintains its projected profit range of 22.0%-27.0%, with allocated capacity of £89.223 mn.
For the 2025 underwriting year, Syndicate 2791 has capacity of £649.015 mn, while SPA 6103 has capacity of £99.6 mn.
All forecast percentages are calculated against the allocated capacity for the relevant underwriting year. The estimates reflect the deduction of standard personal expenses but exclude members’ agents’ fees. These figures represent projected underwriting-year results rather than finalized profits available for distribution.
Lloyd’s to publish updated syndicate forecasts on November 20
Lloyd’s managing agents are required to submit quarterly performance information covering the open underwriting years.
The latest reporting exercise assesses syndicate positions as of September 30, 2026, including updated forecasts for the 2024 and 2025 years of account.
Lloyd’s is scheduled to publish the consolidated forecasts through the investor relations section of its website on November 20.
Many managing agents also distribute their updated estimates directly to the capital providers supporting their syndicates before the central publication.
The timing of individual announcements can depend on external reporting requirements, including the release of trading statements by publicly listed companies in the UK and international markets.
Further syndicate forecasts are expected to become available before Lloyd’s publishes the complete market update.
Currency movements remain a factor in Lloyd’s underwriting returns
The MAP forecasts use exchange rates prevailing at the end of September 2026. The quarter-end US dollar exchange rate was $1.33 per £1, unchanged from the rate used at June 30.
Sterling strengthened slightly against the Canadian dollar, with the exchange rate moving to C$1.89 per £1 from C$1.88 at the end of June.
Managing Agency Partners reminded capital providers that underwriting profits and losses arising from business transacted in foreign currencies are distributed or collected in their original currencies.
The syndicates do not hedge these currency exposures.
Consequently, movements in exchange rates may continue to affect the sterling value of reported underwriting results, even when underlying profit forecasts remain unchanged.
The updated September forecasts therefore indicate improved expected profitability for the 2025 underwriting year, particularly at SPA 6103, while final returns remain exposed to subsequent underwriting developments and foreign exchange movements.
