London company market sees strong treaty reinsurance growth

Treaty reinsurance written in the London company market grew to £11.99bn in 2024, up from £10.89bn in 2023.

The strong growth of 10.06% was revealed in figures released today (9 September 2025) by the International Underwriting Association (IUA).

Treaty reinsurance premiums now account for 27% of the market total – a two percentage point increase on 2023’s figures and the highest proportion for treaties seen since IUA began recording data in 2010.

Direct and facultative reinsurance, meanwhile, fell by 1%, down to £31.79bn in 2024 from £32.11bn the year before.

The IUA data also tracks premium income written in overseas or regional UK offices, which is subject to oversight and management by London market companies, also known as controlled business.

Controlled business figures told a somewhat different story, with direct and facultative placements growing from £4.85bn to £4.93bn between years, while treaty placements dropped from £0.59bn to £0.57bn year-on-year.

Business prospects

Scott Farley, director of communications at IUA, said: “Our latest data shows that the growth rate for reinsurance treaties in the London company market continues to outstrip that of the sector as a whole.

“Overall premium increases in 2024 are much more modest than in recent years as inflationary pressures in claims costs have eased.

“IUA members, however, remain optimistic about future business prospects with plans in place to grow core business classes and monitor developing opportunities. Strong retention rates for existing clients were reported this year by many firms.”