Now that the market has achieved a first-half profit of £4.9 billion with a combined ratio of 83.7—its best interim results in 17 years—does this mean the hard market cycle is ending?
During a media briefing to discuss Lloyd’s results, CEO John Neal answered that question with a chuckle. The so-called “supercycle” is likely to be prolonged, he said, citing a reference to the current hard market, which was made earlier this year by Patrick Tiernan, Lloyd’s chief of markets.
“We see no evidence of significant change in the marketplace either from the insurance or the reinsurance community,” Neal said. “It’s been difficult to get to a p