Liberty Specialty Markets (LSM) has been ranked as the leading London Market insurer brand based on data compiled by Insurindex, which looked at a combination of market share and brand awareness factors.
Notably, LSM climbed five places up the brand rankings from last year to take over the top spot from Beazley, which fell back to number three.
Ranked by share of business, AXA XL continued to hold onto its number one position from the 2022 edition of Insurindex’s London Market brand index, with the firm also jumping up from fourth place to second in terms of brand ranking.
The remaining top ten London Market ranked brands for this year, according to Insurindex, consisted of QBE at number four, Chubb at five, followed by Chaucer, AIG, Arch, Convex and Hiscox.
Besides the aforementioned movements, the other biggest change in the top ten rankings was the absence of Munich Re, which slipped from a third place brand ranking in 2022 to fourteenth place this year.
Based on share of business, Insurindex ranked the top ten London Market names as follows: AXA XL, Beazley, LSM, Chaucer, QBE, Convex, Axis, Arch, Chubb and Brit Global Specialty.
Here, the top three positions were consistent from 2022, while Chaucer climbed from nineth to fourth place, Convex from eleventh to sixth, and Arch took eighth position after not even appearing on the 2022 rankings for the top 20.
Commenting on LSM’s top ranking, the company’s President and Managing Director, Phil Hobbs, said: “We are very pleased to be recognised for our contribution to and influence in the London insurance market.” “We have invested in our brand over many years and have been making steady progress in building relevance and awareness,” Hobbs added. “This accolade is testament to the hard work and commitment which our employees demonstrate at every level of the business.”
Updated annually, Insurindex’s London Market brand index rankings are collated through independent reports conducted by Gracechurch, utilising over 20,000 data points.
In addition to market share, it asks survey respondents to spontaneously name the first three companies in the market which come to mind.
“LSM’s market-leading performance in the Insurindex 2023 Leading London Brands Index is the successful outcome of a long-term commitment to and investment in the Liberty brand,” said Ben Bolton, Managing Director at Gracechurch Consulting.
“LSM and the other leading Insurindex brands gain proven competitive advantage – higher loyalty, customer trust, talent attraction/retention and profitable growth being just a few of the benefits. Being a leading brand also opens opportunities and ‘permission’ to innovate and grow ahead of the competition, which further cements the market-leading status of these companies.”
