As insurance and reinsurance markets continue to deliver competitive returns, Lloyd’s of London is emerging as a focal point for investors seeking diversification and growth.However, alongside the surge in appetite for the market, particularly for exposure to fast-growing new syndicates, comes a need for careful consideration of the additional capital those businesses may require, according to executives at Argenta Private Capital Limited (APCL).Artemis spoke with Robert Flach, Managing Director and Kate Tongue, Executive Director of APCL around the annual meeting of the reinsurance industry in Monte Carlo to discuss current investor appetite for accessing insurance-linked returns via Lloyds, the ongoing traction that’s being seen across the London Bridge 2 platform, and what the near future holds for APCL.“I think the word has got out that the market is incredibly strong and there are significant returns that can be made.

We are seeing significantly more interest this year in investing in a portfolio of Lloyds Syndicates via a Lloyds Corporate Member.That interest is coming from our traditional, high net worth clients, but also alternative asset providers, hedge funds, institutional investors, and then your usual kind of reinsurers and insurance clients,” said Tongue.“There are quite significant chunks of potential capital coming in.

The view from both our internal team and from speaking to the market is that the rates will still be adequate in 2026.I think it’s an exciting time.I think we could potentially be looking at double the amount of new capital that we saw compared to last year, and some new players as well that we weren’t originally talking to.” Tongue added: “I also think, in terms of existing investors, we’re not seeing a lot of exits particularly on the corporate, large corporate, institutional trade player side.

There is still some growth to be had, albeit not potentially as large as 2025.” However, Flach explains that investors in new businesses need to carefully consider whether they’re willing and able to put in extra capital beyond what they originally expected, since many of these businesses are growing faster than planned.“Invariably, if you’re an existing business, you can afford to go from one year to the next, not changing your plan very much.So, the growth plans for the new syndicates are significant, as was widely expected, or possibly even more significant than they originally planned, and that’s something that capital needs to have an eye on.

“When they support these new businesses, they’re also joining in the growth of these new syndicates.There was always an expectation that they’re set to grow by a certain amount, so capital providers would already have in the back of their minds that they’re going to deploy the capital for the next however many years to support that growth,” Flach told Artemis.“But it’s whether or not they want to deploy the capital to support the excess growth in those businesses, all of whom, I should add, have started off really well,” he continued.

“As far as we’re aware, there’s no issues with their growth plans, and they’re all really good businesses, which is why our clients backed them in the first place.But it’s something that will be in the client’s minds as to they need to review that carefully.” Of course, one way that investors can access Lloyd’s is via London Bridge 2, the second version of the market’s insurance-linked securities (ILS) platform, which works as a transformer for capital to come in and support a portfolio of syndicates.Regarding the traction seen across London Bridge 2, Tongue told Artemis that it mirrors other ILS plays that institutional investors are more used to seeing.

Flach said: “I would say it is an attractive offering, not just because it’s London Bridge, but because the Lloyd’s infrastructure, the corporate member structure, is so flexible.It’s just another limb that can sit off a Lloyds corporate member, which, as Kate said earlier, is something that’s more easily understandable by the outside world, like non-insurance investors.” Flach also explained that the London Bridge 2 platform has been opening doors, while also noting that many new investors that APCL has been in talks with appear to be going via the London Bridge route.Moving forward, Tongue and Flach provided Artemis with some insight into APCL’s joint venture with Helios Underwriting PLC.

that offer a capital efficient way for investors to access the returns of the Lloyd’s insurance and reinsurance market.Discussing how effective the venture has been since its initial launch, Tongue said: “Traditionally there are two routes of coming in, you either buy off an exiting investor, or you set up your own and you need to be fully on board by the end of September.There’s quite a strict timeline that you need to follow, and all the stars need to align with your pot of capital and your approvals and all the rest of it to come in as a new entity.

Our partnership with Helios really offers a much more flexible approach towards getting your foot in the door to start underwriting.” She continued: “We set up ten vehicles for 2024, and they were arranged according to required commitment from £1 million to £10 million, and they all sold during 2024.This was primarily a mix of brand new investors coming in and existing investors that wanted to expand into the hard market.” So far in 2025, APCL and Helios have managed to set up thirteen vehicles and nine have sold to date, all of which have been new investors, Tongue explained.To end, Tongue and Flach provided Artemis with an outlook for APCL in 2026 and beyond.

“We are really pleased that the efforts that the market and the corporation have put into enhancing the professionalism market means that Lloyd’s is now being looked at again as a place for investment.I think there’s been a lot of good stuff happening at Lloyd’s in the last few years.It is not as volatile as it used to be.

Its worst year in the last twenty is nowhere near as bad as the worst year in equities or property or any other asset classes,” Flach explained.He continued: “The fact that Lloyd’s is now being recognised as an alternative asset class because of what the market has done in terms of discipline, I think is a really good thing.I think we’re set for a good few years.

“We’re not focused solely on market conditions in 2026 and 2027, because we think the robustness in the approach of the regulators, of Patrick Tiernan and his team, we think is going to manage the markets robustness really well over the next few years and provide the base for us to be able to help investors make some decent returns over the long term.” Tongue also echoed a similar message: “We will continue to pride ourselves on our flexible, innovative approach to allowing capital to come in.We haven’t closed the door on potential funds as well as an easy mechanism for allowing possibly the smaller or the family office investor that wants to have that shared risk.So, we will continue to open up different revenue streams and market appropriately.” ..

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