Argenta Holdings Limited, a managing agent at Lloyd’s of London, has reported that the market’s syndicate forecasts for the 2023 and 2024 underwriting years continue to show strong performance, reflecting disciplined underwriting and favourable market conditions.
Argenta Holdings has highlighted that the 2023 year of account is performing exceptionally well, supported by a robust rating environment and lower-than-average catastrophe and major losses.
With the account scheduled to close at the end of 2025, Argenta Holdings is incorporating movements from closed years of account ahead of the final reinsurance-to-close calculation planned for early 2026.
The managing agent also noted that across the Lloyd’s market, syndicates are generally expected to be profitable at their midpoint forecasts. In its view, the 2023 midpoint profit has risen by almost 30% compared with the initial forecast issued in May 2024, illustrating how strong underwriting years can continue to strengthen as they progress.
For the 2024 underwriting year, Argenta Holdings observed that while the rating environment remains attractive, the year has experienced more typical major and catastrophe losses. Key events impacting the 2024 account include a container ship collision with a bridge in Baltimore, hurricanes Milton and Helene, and the California wildfires in January 2025.
Argenta Holdings continued to emphasise that because the 2024 year covers policies initiated during the calendar year, it remains exposed to events through much of 2025. The company reported that the range of potential outcomes for 2024 is wider than usual, with the gap between best- and worst-case projections around 12% of syndicate capacity. While a small number of syndicates may face forecast losses due to these events, the majority are expected to deliver positive results.
Looking ahead, Argenta Holdings confirmed that formal forecasts for the 2025 year of account will not be released until it reaches its fifth quarter in March 2026, with full details expected in May 2026. The company reports that trading conditions remain favourable, with expected results aligned with business plans established in late 2024.
Argenta Holdings added that the next update on syndicate performance will follow the release of year-end results by managing agents, beginning in late February 2026, with the complete set of results anticipated in March 2026.
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