£15.95bn capacity available across 75 Syndicates
Lloyd's today confirmed that its underwriting capacity at 1st January 2008 is £15.95 billion, which will be underwritten through 75 syndicates (including SPS and RITC syndicates). Its capacity at the start of 2007 was £16.1 billion.
These Syndicates are managed by 46 Managing Agents and supported by 176 brokers.
Lloyd's also announced it will will discontinue the practice of issuing the "underwriting capacity" statistic at the beginning of the year and introduce a new process for the release of data.
The use of the term "underwriting capacity" reflects the potential ability to underwrite business in a given year. It is unique to Lloyd's and not directly comparable with terms used by other insurers.
The new statistic will involve gross written premium figures for the previous year being published every April in the Annual Report and will include a breakdown of Lloyd's capital base and providers.
