There appears to be no shortage of syndicate managers keen to increase their amount of business in what they see as a profitable Lloyd’s market. The latest syndicates to announce that they plan to increase their capacity for 2023 are MAP 2791 and Beazley 623.
Managing Agency Partners (MAP) has proposed to increase its stamp capacity by 18.75% for flagship Syndicate 2791, to £475m for the 2023 year of account.
Operating under a new active underwriter following the announcement that Richard Trubshaw would be stepping down effective 2023, MAP had GWP of £366.5m in calendar year 2021, of which marine contributed £17.9m.
Meanwhile, Beazley has written to its third-party capital providers notifying them of its plans to increase the stamp capacity of Syndicate 623 by 22.8% forthe 2023 year of account.With a capacity of £2,348.4m in 2021 (2020,£1,932.4m) Syndicate 2623 is the largest of the various syndicates managed by Beazley Furlonge (the others being Syndicates 623, 5623, 6107, 3623 and 3622). Marine contributed $350.5m of Beazley
Furlonge’s $3.46bn total GWP in 2021. Kast year the syndicate noted positive rate movements in most lines of business, with Marine increasing by 8%,Property increasing by 9%, Reinsurance rates increasing by 12%, Specialty lines increasing by 12% and Cyber & Executive risk increasing by 52%. Rates on renewals in our Political, Accident & contingency division also increased by 6%.
