Prices continue to fall in Lloyd’s second capacity auction

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.