The Lloyd’s Old Library was standing room only as CEOs, underwriters and brokers gathered for the launch of the LMA’s latest report, Lead and Follow in the Lloyd’s and London Market: Beyond the Binary.

The event opened with introductory remarks from Sean McGovern, LMA Chair and CEO, UK & Lloyd’s at AXA XL. He reflected on the route into syndication at Lloyd’s and the findings of the LMA’s 2024 The Growth of Enhanced Underwriting report. He noted how swiftly thinking has moved on: the growth of algorithmic and digital underwriting, the sharpening of lead and follow distinctions and the increasing pressure on traditional follow business.

Sean highlighted that this latest report continues that line of enquiry. It does not seek to define the ‘best’ leader, but to help the market understand where capability truly lies and how leadership is evolving. His message was clear: in a changing market, leadership is a spectrum, and insurers need to be honest about where they sit.

Attendees were then presented with the core findings of the report. Greg Brown, Partner at Oxbow Partners, described the structural shift the market is experiencing: an environment of rising facilitisation, greater use of digital follow and a growing gap between those who provide true leadership and those who primarily offer capacity.

One of the most striking findings shared was the disconnect between perception and market reality. While survey respondents believe they lead around 40% of their GWP, the report suggests much of this is in fact Capacity Lead business, sitting at the top of the slip but not shaping the risk. The report challenges the belief many underwriting teams hold about their own influence, urging a more rigorous outside‑in assessment.

Attendees were introduced to a new six‑segment strategic categorisation – from Full-Service Leads through to Capacity Followers – noting that each position has a valid commercial role but carries different implications for underwriting teams.

Panel discussion

The presentation was followed by a panel discussion featuring senior underwriting professionals from across the market.

The discussion reflected both optimism and caution. Panellists generally agreed that London remains well‑positioned to retain strong expertise and a competitive set of lead markets. There was broad acceptance that leadership shifts with the market cycle: soft markets may increase the number of leads, while harder conditions sharpen distinctions.

Echoing themes from the report, the panel also recognised that the follow market faces more immediate pressures. Facilitisation, streamlined digital follow and efficiency‑driven placement models are reshaping the economics of traditional follow roles far faster than many expected.

One panellist concluded that leadership cannot and should not be forced, echoing the report’s survey findings that highlighted little appetite for formally defining or accrediting lead status.

Looking ahead: the need for honest leadership journeys

The panellists looked ahead to what the report findings mean for the future of the lead in the Lloyd’s market. With nearly two‑thirds of survey respondents expecting fewer lead markets over the next five to ten years, the report makes clear that insurers will need to be deliberate in shaping their leadership maturity journey.

For some this will mean investing in and prioritising ‘true lead’ capabilities: technical expertise, claims strength, responsiveness and autonomy. For others it may mean embracing an efficient follow strategy supported by digital tools and portfolio underwriting. Regardless of the path, the message was consistent throughout the event: clarity, honesty and deliberate investment will be essential in the years ahead.

Closing remarks

In her closing remarks, Sheila Cameron, CEO at the LMA, reflected on the importance of collaboration for the Lloyd’s market to remain the global home for innovative and complex risks.

Sheila noted that each of the six categories defined in the report are valid business strategies – where firms choose to sit depends on their strategy, risk and investment appetite. The real value of the report, she said, is helping teams have honest conversations about their current position and the direction they want to move in next.

Sheila also emphasised that while change is inevitable, the strength of the market lies in its ability to adapt without losing what makes it unique: deep technical expertise, trust and the collective commitment to serving clients.