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.
Lloyd's, Argenta, Europe, Syndicates