Prices have continued to plummet in the second Lloyd’s capacity auction of 2014 for Names-backed Syndicates.
This is according to members’ agent Agenta which said that prices were down by an average of 6 percent over the first auction, despite a number of syndicates bucking the overall trend.
However, a further £25.8 million of capacity was traded. Auction one saw £64 million of capacity change hands.
Argenta’s index of all third party capacity now stands at 30.9p per £1 of capacity, down from 33p in auction one.
“There were bids to buy £127.9 million of capacity and £48.2 million of capacity tendered for sale. Both supply and demand of capacity was down from auction one levels. We will comment further in our next auction bulletin,” said Argenta.
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Lloyd's, Argenta, Europe, Syndicates