The first of this year’s auctions is being held on 31 October and 1 November. Lloyd’s released the midway data yesterday, which is summarised in the attached pages here. As usual, there is little detail on would be buyers, with Beazley responsible for 98% of the subscriptions entered so far. There is more information on capacity for sale, with £76.7m tendered on 20 syndicates. The volume for sale is up 75% on this stage in 2016. This year there is the sale of capacity on behalf of the estate of a deceased unlimited member alongside some sizeable pre-emptions on core syndicates.

We expect final results for Auction One this afternoon.