Hiscox Ltd (LSE: HSX), the international specialist insurer headquartered in Bermuda, has published its latest profit estimates for Lloyd's Syndicates 33 and 6104 covering the 2024 and 2025 years of account. The update, released on 13 November 2026, shows a marginal upward revision for both syndicates' 2025 accounts compared with previous estimates. Hiscox holds a 73% share of Syndicate 33's capacity, making the syndicate's performance directly relevant to group profitability, while the company holds no share of Syndicate 6104. Investors in the FTSE-listed specialty insurer will be watching these Lloyd's market figures as a key indicator of underwriting performance.

Key Points

  • Hiscox Ltd (LSE: HSX) is a global specialty insurer headquartered in Bermuda, listed on the London Stock Exchange
  • The company published updated profit-and-loss estimates for Lloyd's Syndicates 33 and 6104 for the 2024 and 2025 years of account
  • Syndicate 33's 2025 estimate moved marginally to 3.5%–13.5% of capacity (from 3.4%–13.4%); Syndicate 6104's 2025 estimate moved to 28.4%–38.4% (from 28.2%–38.2%)
  • Investors may be watching whether further revisions to the 2024 and 2025 accounts emerge as loss development matures

Syndicate 33 Estimates Hold Steady for 2024, Edge Higher for 2025

Syndicate 33's 2024 year of account estimate remains unchanged at a range of 6.1% to 16.1% of capacity, with capacity standing at £1,696 million. The 2025 estimate has been revised fractionally upward to 3.5% to 13.5% of capacity, against capacity of £1,699 million, compared with the previous estimate of 3.4% to 13.4%. Hiscox holds a 73% share of Syndicate 33, meaning movements in the syndicate's estimates have a direct bearing on the group's Lloyd's market underwriting results. All estimates are stated after standard personal expenses including Managing Agent fees, profit commission, and Lloyd's charges, but before Members Agents' charges, the announcement notes.

Syndicate 6104 Sees Modest Upward Revision Across Both Years of Account

Syndicate 6104's 2024 year of account estimate has been revised to a range of 11.5% to 23.0% of capacity, up from the previous estimate of 10.3% to 22.8%, against capacity of £56 million. The 2025 estimate stands at 28.4% to 38.4%, slightly ahead of the previous figure of 28.2% to 38.2%, with capacity of £78 million. Hiscox holds a 0% share of Syndicate 6104, the announcement confirms, meaning these estimates do not directly affect the group's financial results, though the syndicate's performance reflects broader Lloyd's market conditions relevant to Hiscox's operating environment.

Hiscox's Lloyd's Market Operations Within a 125-Year Specialty Insurance Heritage

Hiscox, which marks 125 years in operation in 2026, underwrites specialist and complex risks through its Lloyd's platform, Hiscox London Market, and Hiscox Re, alongside retail insurance businesses in the USA, UK, and Europe. The group employs over 3,000 people across 13 countries. Syndicate 33 represents a significant component of Hiscox's Lloyd's underwriting, covering both catastrophe-exposed and specialty lines. The wide profit ranges disclosed reflect the inherent uncertainty in Lloyd's year-of-account accounting, where final results are typically determined over a three-year development period, representing a structural risk for investors monitoring syndicate performance.