Private Capital News
The first of the three capacity auctions was completed today. A total of £76m of capacity changed hands, down by 40% on the first auction in 2020, at an aggregate cost of £25m. All 19 syndicates where members own auctionable capacity rights traded. Members subscribed for a total of £907m, competing for £84m of capacity tendered for sale. Increased demand for capacity into a buoyant underwriting environment pushed prices higher, with the Argenta all capacity index up almost 22% to 41.7p per £1. Across three auctions last year, this index was 34.2p.