Blenheim Underwriting, a specialist managing general agent (MGA) and Lloyd’s coverholder, has announced a robust underwriting performance for Syndicate 5886 in the 2025 calendar year.
Syndicate 5886 delivered a net combined ratio of 80.9%, representing a 3.8% year-on-year improvement.
This strong underwriting performance generated a profit of £72 million, marking a 27% increase in total comprehensive income from 2024.
Blenheim Underwriting’s 2025 performance marks a significant milestone for Syndicate 5886, cementing its transition from a start-up (established in 2027) to a consistently profitable player in the Lloyd’s market.
Under the Lloyd’s three-year accounting system, Blenheim has now closed the 2023 year of account (YOA), producing a 21% profit to capital providers.
While the subsequent open years, 2024 and 2025, remain “on risk” – meaning that claims can still develop – they are “looking profitable at this stage of their development”, Blenheim noted.
The 2024 YOA is forecasted to be profitable in the 10% to 20% range, despite 2024 being a year of significant natural disasters, according to data by Argenta Group.
For the 2025 YOA, early data suggests continued profitability as the syndicate leverages its increased stamp capacity, which stands at £525 million, as stated in Blenheim’s ‘Syndicate Annual Report and Accounts 31 December 2024’.
Peter Scales, group chairman and CEO, said: “Our growing syndicate has delivered its third consecutive year of exceptional underwriting returns. The figures are now revealing the work that the whole team has undertaken to build and broaden our account with the addition of high calibre underwriters who wish to collaboratively trade in our independent underwriting driven environment.”
