Article ID: adfff29345d65ec0dd9f423cd1bb164de1a829e1ce0a68126bf19d3b725ad9f7
Source ID: primary:reinsurancene.ws
Published At: -
Extraction Method: trafilatura
URL: https://www.reinsurancene.ws/icmr-predicts-lloyds-cor-below-90-for-2025/
Body Text
Based on reported results to date from 17 of the 27 RISX index constituents, Insurance Capital Markets Research (ICMR) has projected that the Lloyd’s market will post a combined ratio of below 90% in its forthcoming 2025 results. In a new report, ICMR described the anticipated underwriting outcome as “exceptional”, adding that it is likely to be accompanied by a return on capital above 20% for a third consecutive year. Together, these metrics point to a period of sustained, high-quality profitability for the world’s leading specialist insurance and reinsurance market. “While broader equity markets have seen a muted start to the year, the specialty sector is surging,” ICMR’s report added. The RISX index is said to be up 6.9% YTD (as at 20 Feb 2026), significantly distancing itself from both general and sector-specific insurance benchmarks. ICMR noted that a key driver of this recent momentum was the announcement of a potential acquisition of Beazley by Zurich. “This move did more than just boost Beazley’s share price; it acted as a catalyst for the broader sector, lifting peers like Hiscox and reaffirming the scarcity value of high-performing specialty platforms,” ICMR’s report explained. The deadline has been pushed back to 4 March 2026, giving Zurich until 5pm (London time) on that date to either confirm a firm intention to make an offer or announce that it does not intend to proceed with a bid for the specialist insurer. ICMR’s report concluded, “Historically, accessing the unique returns of the Lloyd’s market has been a challenge for many investors. Supporting syndicates with capital directly—the traditional route—remains a complex and often illiquid process. “The RISX index demonstrates a compelling alternative: an equity strategy based on the listed owners of Lloyd’s businesses. “By providing a proxy for the marketplace as if it were a single listed company, the RISX index offers investors a liquid, transparent way to capture Lloyd’s-like returns through the public markets, bypassing the structural hurdles of direct capital support.”
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