Standard & Poor's (S&P) has announced the results of its January review of its Lloyd's Syndicate Assessments (LSAs).
Of the 93 syndicates trading at Lloyd's for the 2002 year of account, 71 remain trading for 2003, 13 have ceased trading, 10 have merged with other Lloyd's syndicates, and one new syndicate has been launched.
S&P expects that as the year progresses, a small number of additional syndicates will be launched.
Figures as at January 1, 2003, indicate an 18% increase in market capacity to a record £14.4bn ($23.6bn) compared with the same point in 2002, before the inclusion of qualifying quota-share reinsurance.
As a group, the UK-listed Lloyd's investment vehicles have been particularly successful in raising capacity on their managed syndicates for 2003, with capacity increasing at an above-average rate of 26%, according to S&P.
