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The Big Get Bigger.

Lloyd's gears up for a hard market.

With an encouraging renewal season nearly complete, terms and conditions on London-market insurance and reinsurance continue to improve. Meanwhile, as the industry's economic cycle turns, aggregate capacity at Lloyd's has increased by about [pound]1 billion ($1.5 billion), from [pound]10.05 billion at Jan. 1, 2000, to [pound]11.06 billion for the current year. The market's biggest players are behind many of the largest increases, but large, new syndicates also made a significant contribution to the increased capacity.

Stamp capacity reflects the amount of premiums Lloyd's can accept during the year, although few Lloyd's syndicates write to 100% of their stamp. Based on Lloyd's projections, the market is expected to write gross premium of [pound]8.4 billion for the 2000 year of account, up from [pound]8.1 billion in 1999 and [pound]7.1 billion in 1998. But stamp capacity has remained roughly constant over the period.

"The net increase of [pound]1 billion, after taking into account some very significant withdrawals of capacity, demonstrates the confidence that capital providers have in the market and the expectation of improving margins," said Nicholas Johnson, an analyst with the U.K. investment bank Numis Securities Ltd. "It also illustrates the depth and breadth of the Lloyd's capital base."

The net capacity increase masks the withdrawal of about [pound]1 billion of capacity for 2001, more than offset by [pound]2 billion in increases. Some [pound]650 million relates to six established syndicates expanding capacity by [pound]70 million or more, while another [pound]236.6 million relates to three new syndicates.

Meanwhile, 20 syndicates with a combined 2000 capacity of [pound]735.4 million ceased trading for 2001. Some, such as PXRE Syndicate 1224, A.E. Grant Syndicate 991 and RGB Syndicate 1171, disappeared after their backers withdrew from Lloyd's and closed their managing agencies. Others, such as Amlin Syndicates 902 and 1141, were merged into sister syndicates, where capacity was increased accordingly.

The capacity provided by Names, individual investors trading with unlimited liability, has remained almost constant for 2001 at [pound]1.96 billion, while corporate capacity, including that of individuals trading with limited liability through companies established for the purpose, delivered most of the growth, increasing 12.8% to [pound]9.09 billion.

Lloyd's hasn't disclosed the amount of capital provided by so-called "conversion vehicles"--company structures set up by members' agents, the advisers that act on behalf of Names, to allow them to convert from unlimited to limited liability underwriting. Thus the true position of noncorporate capital in the market has yet to emerge.

"The capacity of the unlimited Names has remained stable, which suggests that the total amount of capacity supplied by all private capital has probably increased," said Robert Miller, editor of the ALM News, the newsletter of the Association of Lloyd's Members. He noted that two of the new syndicates, Managing Agency Partners Ltd.'s Syndicate 2791 and Cathedral Underwriting Ltd.'s Syndicate 2010, are "designed around the participation of private capital."

The two syndicates are unusual. Large managing agencies, usually with a single, large, "composite" syndicate, continue to dominate Lloyd's. The majority of the capacity supporting these ventures is "aligned," that is, provided by the managing agency's owner. Full ownership of a syndicate's capacity by the agency's owner creates an "integrated Lloyd's vehicle," essentially an insurance company at Lloyd's. Many leading Lloyd's agencies have said they intend to acquire all of the capacity on their managed syndicates.

Of 57 managing agents active for 2001, the 10 largest control 44.9% of market capacity, and the top 20 control 69.8%. Agencies in the top 10 manage four of six syndicates that are increasing their capacity by [pound]70 million or more for 2001, clearly showing that the big players are getting bigger. All of the top 10 agencies increased their capacity, including those that made highly public withdrawals from certain lines of business, such as Cox Syndicate Management's pullback from marine and energy.

Charles Phillips, chief executive of Amlin plc, explained the strategy behind capacity increases to [pound]575 million on Amlin's Syndicate 2001. About [pound]114 million of the [pound]151 million increase results from the merger of two smaller syndicates into Amlin's umbrella Syndicate 2001. "The remainder, which represents roughly a 7% increase in the combined stamp, represents our views of where we stand within the cycle, bearing in mind that we intend to strengthen our market positions into a hardening environment," Phillips said.

He said targeted growth areas are excess-of-loss reinsurance, property and aviation, and U.K. primary insurance. Amlin will be taking a "cautious approach" on casualty business, he said, stressing the importance of underwriting discipline in an improving market where competition continues. "While some syndicates are signaling growth ambitions, that doesn't necessarily mean that they will throw capacity at poorly rated business. A lot of the increases in capacity are against an expectation of improved terms," Phillips said.

However, about [pound]500 million of capacity has been withdrawn from the market for 2001, with no successor syndicates to take on the business it supported. The availability of that business, along with the presence of new syndicates with no renewal base, is bound to make competition within Lloyd's fierce in the coming year, despite the improving times. "The supply of new capital will in part determine the speed and duration of the hardening market," Numis analyst Johnson said.

Nick Ferrier, a financial analyst with A.M. Best Europe Ltd., pointed out that some syndicates may have increased their capacity in 2001 with an eye to using it in 2002, hoping that rates will continue hardening. "They are truly expecting a very hard market in 2002 and are starting to position themselves accordingly. If syndicates take on a big pre-emption [expansion of capacity] in 2002, it could be negative from the capital-loading perspective," Ferrier said, explaining that Lloyd's could apply stricter solvency ratios to syndicates that grow quickly.

He said the overall increase of 10% "appears to be driven by people not wanting to miss the boat." Echoing Amlin's Phillips, he said that underwriting discipline will determine the wisdom of the expansion. "It could be sensible in certain sectors, as long as underwriters pick those risks that are priced above the technical rate," he said.

Adrian Leonard is a London-based correspondent.
 Lloyd's Capacity by Syndicate
 Total capacity from all of the
 Lloyd's syndicates equals
 [pound]11.06 billion in 2001.
 Capacity
Synd Managing Agent [*] 2001 ([pound]) 2000 ([pound])
0002 Kingsmead Underwriting Agency [pound]89,142,855 [pound]89,142,855
0033 Hiscox Syndicates Ltd 360,353,325 360,353,325
0037 Ockham Personal Insurance 63,182,506 60,985,654
0044 Chartwell Managing Agents Ltd 4,501,000 4,501,000
0053 Crowe Syndicate Management Ltd [1] 0 35,934,333
0062 Marlborough Underwriting [2] 30,800,000 36,512,172
0079 Limit Underwriting Ltd 200,202,636 200,202,636
0102 GoshawK Syndicate Management 130,000,000 130,000,000
0138 R F Bailey (Underwriting) 72,235,917 72,235,917
0183 St Paul Syndicate Management 61,001,021 61,001,021
0190 Liberty Syndicate Management 157,000,000 90,000,000
0205 Jago Managing Agency Ltd 121,019,670 121,019,670
0218 Cox Syndicate Management Ltd 301,005,655 240,804,977
0227 St Paul Syndicate Management 68,747,126 54,997,783
0228 Cotesworth and Co Ltd [3] 0 35,062,408
0250 Wren Syndicates Management Ltd 99,999,843 50,392,527
0260 KGM Underwriting Agencies Ltd 31,772,669 31,772,669
0271 Kingsmead Underwriting Agency [4] 0 79,868,477
0282 Liberty Syndicate Management 65,000,000 35,000,000
0308 R J Kiln and Co Ltd 3,361,676 3,361,676
0314 St Paul Syndicate Management [5] 0 40,000,045
0318 Limit Underwriting Ltd 85,444,308 63,292,156
0329 Octavian Syndicate Management [4] 0 39,997,795
0340 St Paul Syndicate Management 80,001,246 90,000,728
0376 Alleghany Underwriting Ltd 272,805,105 275,000,000
0382 Hardy (Underwriting Agencies) 50,320,907 50,320,907
0386 Limit Underwriting Ltd 213,079,999 213,079,999
0389 Wren Syndicates Management Ltd 7,633,075 7,633,075
0429 SMSM Ltd 7,943,338 7,499,762
0435 D P Mann Ltd 399,998,390 257,427,950
0456 Limit Underwriting Ltd 27,499,998 22,337,798
0457 Apollo Underwriting Ltd 105,000,000 85,662,819
0506 Kingsmead Underwriting Agency 57,024,616 47,024,806
0510 R J Kiln and Co Ltd 266,446,082 231,692,775
0529 Omega Underwriting Agents Ltd 30,000,000 30,923,791
0535 Cotesworth and Co Ltd 85,579,142 75,100,070
0557 R J Kiln and Co Ltd 31,247,602 31,247,602
0566 Limit Underwriting Ltd 158,832,490 147,772,807
0570 Atrium Underwriters Ltd 66,949,436 50,338,089
0575 SVB Syndicates Ltd 76,000,000 37,500,000
0582 St Paul Syndicate Management 117,353,884 65,196,629
0587 Chaucer Syndicates Ltd 88,902,327 96,640,674
0588 XL Brockbank Ltd 61,696,188 70,916,279
0609 Atrium Underwriters Ltd 66,207,478 66,207,478
0623 Beazley Furlonge Ltd 215,686,081 125,396,869
0702 Markel Syndicate Management 95,000,000 90,000,000
0727 S A Meacock & Co Ltd 49,334,835 45,870,403
0735 Wren Syndicates Management Ltd 74,950,829 85,136,682
0744 Marlborough Underwriting [6] 0 21,945,531
0779 St Paul Syndicate Management 14,963,563 11,073,994
0780 B F Caudle Agencies Ltd 100,000,000 85,000,000
0800 Wren Syndicates Management Ltd 62,551,963 62,551,963
0807 R J Kiln and Co Ltd 45,162,838 45,164,901
0808 Crowe Syndicate Management Ltd [7] 0 8,500,312
0839 Chartwell Managing Agents Ltd 200,000,000 216,131,260
0861 XL Brockbank Ltd 122,660,325 154,875,560
0877 Limit Underwriting Ltd [6] 0 45,000,000
0902 Angerstein Underwriting Ltd [8] 0 37,658,458
0958 Omega Underwriting Agents Ltd 59,980,568 51,052,136
0962 Creechurch Underwriting Ltd 34,000,000 18,398,059
0963 Crowe Syndicate Management Ltd 81,042,608 125,502,067
0980 Ensign Managing Agency Ltd 60,026,410 59,954,705
0982 Crowe Syndicate Management Ltd 10,812,860 10,812,860
0990 Denham Syndicate Management 66,694,007 66,694,007
0991 A E Grant (Underwriting) [9] 0 57,135,216
0994 Greenwich Managing Agency Ltd 70,000,000 60,000,062
1003 Catlin Underwriting Agencies 48,923,827 42,591,971
1007 SVB Syndicates Ltd 150,997,079 150,997,079
1009 Markel Syndicate Management 95,000,000 80,025,185
 Change
Synd (%)
0002 0.00
0033 0.00
0037 3.60
0044 0.00
0053 -100.00
0062 -15.60
0079 0.00
0102 0.00
0138 0.00
0183 0.00
0190 74.40
0205 0.00
0218 25.00
0227 25.00
0228 -100.00
0250 98.40
0260 0.00
0271 -100.00
0282 85.70
0308 0.00
0314 -100.00
0318 35.00
0329 -100.00
0340 -11.10
0376 -0.80
0382 0.00
0386 0.00
0389 0.00
0429 5.90
0435 55.40
0456 23.10
0457 22.60
0506 21.30
0510 15.00
0529 -3.00
0535 14.00
0557 0.00
0566 7.50
0570 33.00
0575 102.70
0582 80.00
0587 -8.00
0588 -13.00
0609 0.00
0623 72.00
0702 5.60
0727 7.60
0735 -12.00
0744 -100.00
0779 35.10
0780 17.60
0800 0.00
0807 0.00
0808 -100.00
0839 -7.50
0861 -20.80
0877 -100.00
0902 -100.00
0958 17.50
0962 84.80
0963 -35.40
0980 0.10
0982 0.00
0990 0.00
0991 -100.00
0994 16.70
1003 14.90
1007 0.00
1009 18.70
1036 Limit Underwriting Ltd [pound]60,511,309
1047 Marlborough Underwriting 35,000,000
1069 Cotesworth and Co Ltd [10] 0
1084 Chaucer Syndicates Ltd 77,500,000
1096 Chaucer Syndicates Ltd 90,000,000
1121 Crowe Syndicate Management Ltd [1] 0
1141 Angerstein Underwriting Ltd [8] 0
1171 RGB Underwriting Agencies Ltd [9] 0
1173 Cottrell and Maguire Ltd 59,313,274
1176 Cox Syndicate Management Ltd 2,855,137
1191 St Paul Syndicate Management [ll] 0
1202 Wren Syndicates Management Ltd 70,005,839
1204 Crowe Syndicate Management Ltd 23,000,000
1206 Gerling at Lloyd's Ltd 85,000,000
N/A Cox Syndicate Management Ltd 153,000,000
1209 XL Brockbank Ltd 273,467,223
1211 St Paul Syndicate Management 160,000,045
1212 SVB Syndicates Ltd 142,599,439
1218 Newline Underwriting Mgt Ltd 100,000,000
1221 Mander Thomas and Cooper 66,297,489
1222 Greenwich Managing Agency Ltd 21,725,000
1224 Pxre Managing Agency Ltd [9] 0
1225 AEGIS Managing Agency Ltd 100,000,000
1227 Octavian Syndicate Management [6] 0
1228 Markel Syndicate Management 30,000,000
1229 CNA Underwriting Agencies Ltd 35,000,000
1239 Markel Syndicate Management 50,000,000
1241 SVB Syndicates Ltd 77,999,625
1242 Marlborough Underwriting [6] 0
1243 Euclidian Underwriting Ltd 122,000,000
1245 Heritage Managing Agency Ltd 51,007,243
1250 Wellington Underwriting 25,000,000
1265 MMO Underwriting Agency Ltd [12] 0
1301 Chaucer Syndicates Ltd 35,000,000
1400 Danish Re Syndicates Ltd 112,500,000
1415 SVB Syndicates Ltd [13] 0
1607 Creechurch Underwriting Ltd 13,854,000
1688 Cotesworth and Co Ltd 82,500,000
1861 Marlborough Underwriting 125,000,000
1900 Newmarket Underwriting Ltd 95,000,000
1923 Greenwich Managing Agency Ltd 12,500,000
2001 Amlin Underwriting Ltd 574,978,234
2002 Zenith Syndicate Management 95,000,000
2003 Catlin Underwriting Agencies 177,239,887
2004 Admiral Syndicate Management 84,525,000
2010 Cathedral Underwriting 81,203,227
2020 Wellington Underwriting 500,006,674
2037 Ockham Personal Insurance 132,842,279
2121 Sackville Syndicate Management 36,851,398
2147 SVB Syndicates Ltd 40,000,000
2241 Chartwell Managing Agents Ltd 12,269,939
2323 Cottrell and Maguire Ltd 15,000,000
2468 Marketform Managing Agency Ltd 20,000,000
2488 Ace Underwriting Agencies Ltd 724,966,128
2525 Abacus Syndicates Ltd 37,086,938
2607 Creechurob Underwriting Ltd 15,631,000
2791 Managing Agency Partners Ltd 139,726,156
2999 Limit Underwriting Ltd 90,000,000
3210 Chaucer Syndicates Ltd 25,000,000
 TOTALS [pound]11,063,041,786
1036 [pound]60,511,309 0.00
1047 32,316,354 8.30
1069 32,504,077 -100.00
1084 77,510,888 0.00
1096 79,996,181 12.50
1121 37,527,219 -100.00
1141 76,309,557 -100.00
1171 10,000,030 -100.00
1173 71,235,299 -16.70
1176 4,479,211 -36.30
1191 15,000,000 -100.00
1202 51,600,598 35.70
1204 17,703,691 29.90
1206 70,000,000 21.40
N/A 188,000,000 -18.60
1209 232,031,897 17.90
1211 100,000,000 60.00
1212 114,999,719 24.00
1218 42,500,000 135.30
1221 66,297,489 0.00
1222 21,725,000 0.00
1224 35,000,000 -100.00
1225 30,000,000 233.30
1227 33,000,000 -100.00
1228 62,500,000 -52.00
1229 35,000,000 0.00
1239 33,997,883 47.10
1241 59,999,800 30.00
1242 45,000,000 -100.00
1243 80,000,000 52.50
1245 37,075,000 37.60
1250 25,000,000 0.00
1265 20,000,000 -100.00
1301 N/A N/A
1400 89,000,000 26.40
1415 30,000,000 -100.00
1607 19,000,000 -27.10
1688 75,000,000 10.00
1861 150,000,000 -16.70
1900 85,000,000 11.80
1923 12,500,000 0.00
2001 423,985,186 35.60
2002 50,600,000 87.70
2003 154,072,230 15.00
2004 64,500,000 31.00
2010 N/A N/A
2020 430,003,123 16.30
2037 109,554,346 21.20
2121 30,966,907 19.00
2147 N/A N/A
2241 12,269,939 0.00
2323 4,500,000 233.30
2468 20,000,000 0.00
2488 599,989,018 20.80
2525 25,611,796 44.80
2607 N/A N/A
2791 N/A N/A
2999 110,200,000 -18.30
3210 20,000,000 25.00
 [pound]10,069,016,161 9.90


Notes:

(*.)2001 Agent unless ceased

(1.)Ceased following reorganization

(2.)Ceased on Jan. 19, 2001

(3.)Merged with Syndicate 535

(4.)Ceased following sale of managing agent

(5.)Ceased following departure of underwriter

(6.)Ceased following sale of agency

(7.)Withdrawn from line

(8.)Merged with Syndicate 2001

(9.)Ceased following withdrawal of capital

(10.)Merged with Syndicate 1688

(11.)Merged with Syndicate 582

(12.)Transformed into Syndicate 2010

(13.)Merged with Syndicate 575 following sale of agency

Source: A.M. Best, Lloyd's
 2001 Top Lloyd's Managing Agents
 by Capacity
Managing Agent 2001 Capacity Share of market
Limit Underwriting Ltd [pound]835,570,740 7.55%
Ace Underwriting Agencies Ltd 724,966,128 6.55
Amlin Underwriting Ltd 574,978,234 5.20
Wellington Underwriting 525,006,674 4.75
St Paul Syndicate Management 502,066,885 4.54
SVB Syndicates Ltd 487,596,143 4.41
XL Brockbank Ltd 457,823,736 4.14
Cox Syndicate Management Ltd 456,860,792 4.13
D P Mann Ltd 399,998,390 3.62
Hiscox Syndicates Ltd 360,353,325 3.26
R J Kiln and Co Ltd 346,218,198 3.13
Chaucer Syndicates Ltd 316,402,327 2.86
Wren Syndicates Management Ltd 315,141,549 2.85
Alleghany Underwriting Ltd 272,805,105 2.47
Markel Syndicate Management 270,000,000 2.44
Catlin Underwriting Agencies 226,163,714 2.04
Liberty Syndicate Management 222,000,000 2.01
Chartwell Managing Agents Ltd 216,770,939 1.96
Beazley Furlonge Ltd 215,686,081 1.95
Ockham Personal Insurance 196,024,785 1.77
Marlborough Underwriting 190,800,000 1.72
Cotesworth and Co Ltd 168,079,142 1.52
Kingsmead Underwriting Agency 146,167,471 1.32
Managing Agency Partners Ltd 139,726,156 1.26
Atrium Underwriters Ltd 133,156,914 1.20
GoshawK Syndicate Management 130,000,000 1.18
Euclidian Underwriting Ltd 122,000,000 1.10
Jago Managing Agency Ltd 121,019,670 1.09
Crowe Syndicate Management Ltd 114,855,468 1.04
Danish Re Syndicates Ltd 112,500,000 1.02
Apollo Underwriting Ltd 105,000,000 0.95
B F Caudle Agencies Ltd 100,000,000 0.90
AEGIS Managing Agency Ltd 100,000,000 0.90
Newline Underwriting Mgt Ltd 100,000,000 0.90
Greenwich Managing Agency Ltd 104,225,000 0.94
Zenith Syndicate Management 95,000,000 0.86
Newmarket Underwriting Ltd 95,000,000 0.86
Omega Underwriting Agents Ltd 89,980,568 0.81
Gerling at Lloyd's Ltd 85,000,000 0.77
Admiral Syndicate Management 84,525,000 0.76
Cathedral Underwriting (MMO) 81,203,227 0.73
Cottrell and Maguire Ltd 74,313,274 0.67
R F Bailey (Underwriting) 72,235,917 0.65
Denham Syndicate Management 66,694,007 0.60
Mander Thomas and Cooper 66,297,489 0.60
Creechurch Underwriting Ltd 63,485,000 0.57
Ensign Managing Agency Ltd 60,026,410 0.54
Heritage Managing Agency ltd 51,007,243 0.46
Hardy (Underwriting Agencies) 50,320,907 0.45
S A Meacock & Company Ltd 49,334,835 0.45
Abacus Syndicates Ltd 37,086,938 0.34
Sackville Syndicate Management 36,851,398 0.33
CNA Underwriting Agencies Ltd 35,000,000 0.32
KGM Underwriting Agencies Ltd 31,772,669 0.29
Marketform Managing Agency Ltd 20,000,000 0.18
SMSM Ltd 7,943,338 0.07
TOTAL [pound]11,063,041,786 100.00%
Managing Agent Agency Ownership
Limit Underwriting Ltd QBE
Ace Underwriting Agencies Ltd Ace
Amlin Underwriting Ltd Listed [1]
Wellington Underwriting Listed [1]
St Paul Syndicate Management St Paul
SVB Syndicates Ltd Listed [1]
XL Brockbank Ltd XL Capital
Cox Syndicate Management Ltd Listed [1]
D P Mann Ltd GeneralCologne Re
Hiscox Syndicates Ltd Listed, [1] Chubb 27
R J Kiln and Co Ltd Listed [1]
Chaucer Syndicates Ltd Listed [1]
Wren Syndicates Management Ltd BRIT Insurance
Alleghany Underwriting Ltd Alleghany Corp.
Markel Syndicate Management Markel Group
Catlin Underwriting Agencies Western General Insurance (66%)
Liberty Syndicate Management Liberty Mutual Group
Chartwell Managing Agents Ltd Trenwick Group
Beazley Furlonge Ltd Private, [2] including Aon
Ockham Personal Insurance Listed [1]
Marlborough Underwriting Berkshire Hathaway
Cotesworth and Co Ltd HIH Casualty
Kingsmead Underwriting Agency Fairfax (90%), Aon
Managing Agency Partners Ltd Private [2]
Atrium Underwriters Ltd Listed [1]
GoshawK Syndicate Management Listed [1]
Euclidian Underwriting Ltd Management [3]
Jago Managing Agency Ltd St Paul, Aon, Gulf Insurance
Crowe Syndicate Management Ltd Stockton Re
Danish Re Syndicates Ltd Trident II
Apollo Underwriting Ltd Munich Re
B F Caudle Agencies Ltd Advent Capital
AEGIS Managing Agency Ltd Aegis
Newline Underwriting Mgt Ltd Fairfax
Greenwich Managing Agency Ltd Greenwich Insurance
Zenith Syndicate Management Management [3]
Newmarket Underwriting Ltd Trident II
Omega Underwriting Agents Ltd J Robinson, underwriter
Gerling at Lloyd's Ltd Gerling Global
Admiral Syndicate Management Management [3]
Cathedral Underwriting (MMO) Private, [2] including MMO
 and PMA Re
Cottrell and Maguire Ltd Private [2]
R F Bailey (Underwriting) Safeco Corp.
Denham Syndicate Management XL Capital
Mander Thomas and Cooper Navigators Insurance
Creechurch Underwriting Ltd Management [3]
Ensign Managing Agency Ltd Management [3]
Heritage Managing Agency ltd Hampden Members Agency
Hardy (Underwriting Agencies) Listed [1]
S A Meacock & Company Ltd Private [2]
Abacus Syndicates Ltd Bridge U/W (51%), Capita
 Eastgate, others
Sackville Syndicate Management SOC Group
CNA Underwriting Agencies Ltd CNA Financial
KGM Underwriting Agencies Ltd Codelouf Insurance
Marketform Managing Agency Ltd Management, [3] St Paul Cos
SMSM Ltd Ockham Holdings
TOTAL


$1 = [pound]0.68

Notes: (1.)Listed - Managing agent is agency owner.

(2.)Private - Agency is privately owned by individuals and/or companies.

(3.)Management - Agency shares are controlled by management.

Source: A.M. Best, Lloyd's
COPYRIGHT 2001 A.M. Best Company, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
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Author:Leonard, Adrian
Publication:Best's Review
Article Type:Brief Article
Geographic Code:4EUUK
Date:Mar 1, 2001
Words:3764
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