The LMA, in partnership with Vesta, has completed a review of investment performance across Lloyd’s syndicates, using data from recent annual reports to benchmark outcomes by portfolio size and asset mix.

Vesta recently presented the analysis to the LMA’s Treasury and Investments Group. Key themes from the analysis show:

• larger syndicates tend to manage cash more tightly, with market‑wide cash and cash‑equivalent balances falling since the 2022 rate shock
• credit quality remains consistently strong but with higher unrated, non‑core allocations among the largest peers
• risk‑adjusted returns are broadly similar over a six‑year period, but larger syndicates have achieved stronger risk‑adjusted performance over the last three years in a more stable environment
• meaningfully higher dispersion in total returns than headline yield curves alone would suggest.

The document below provides the full set of analysis for managing agents.