The Lloyd’s market produced an excellent return on capital of above 20% for a third successive year in 2025, according to a new report from AM Best that looks at some of the longer-term trends at market and syndicate level.

In its new Best’s Market Segment Report, “AM Best Reviews the Performance of the Lloyd’s Market and its Largest Syndicates”, AM Best notes that while the ranking of the 20 largest Syndicates has fluctuated over the past decade, this has been more of a re-ordering than a radical change, with nine of 2025’s largest 10 Syndicates also among the 10 largest in 2015.

Tim Prince, director, analytics, AM Best, and the report’s author, said: “The attritional loss ratio is a good indicator of the underlying market cycle, with peaks during the softest parts of the cycle. The 2025 year witnessed an increase in the expense and attritional loss ratios, tempered by a lower-than-average large loss experience and continued prior year reserve releases. AM Best expects that competitive pricing conditions are likely to put further upward pressure on the attritional loss ratio in 2026, and together with a normalisation of large loss experience during the year, could act to meaningfully increase the overall combined ratio.”

To access a complimentary copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=368482.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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