Lloyd's is keeping a close eye on syndicates after concerns that some have written their full year's capacity already.

The market's franchise board is understood to have investigated a number of claims that particular underwriters had spent their year's capacity in the first few months, before rates started falling in some classes.

Brokers complained that syndicates heavily weighted towards 1 January renewals would find that their capacity disappeared soon after the beginning of the year.

Richard Pexton is managing director of Heritage managing agency, which includes the commercial property Syndicate 1200 underwritten by Les Rock. He said that Syndicate 1200 earned more than 80% of its income in the first half.

"For us the first two quarters make up 80% of our income," he said. "We will write £91m on Syndicate 1200 and as of last week we had written about £80m."