@CoViAnalytics

Software for Insurers, MGAs & Lloyd's. Track regulatory rules as part of operations. Make decisions with context.

 London, UK
covianalytics.com/
Joined March 2015
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"This is a solid start to the year." Lloyd's now operates in "a world that is structurally disorderly". Patrick Tiernan, Lloyd's Chief Executive So we turned Lloyd's first half into five questions for your own board.
Cover slide. A photo of the Underwriting Room at Lloyd's, with two quotes from Patrick Tiernan, Chief Executive of Lloyd's: "This is a solid start to the year." Then: Lloyd's now operates in "a world that is structurally disorderly". Source: Lloyd's Half Year Report 2026, Chief Executive's statement, p4.

ALT Cover slide. A photo of the Underwriting Room at Lloyd's, with two quotes from Patrick Tiernan, Chief Executive of Lloyd's: "This is a solid start to the year." Then: Lloyd's now operates in "a world that is structurally disorderly". Source: Lloyd's Half Year Report 2026, Chief Executive's statement, p4.

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One of them: "How much of our 2027 profit plan rests on investment return?" Why ask it: rising yields cut Lloyd's investment return by 43%, even as underwriting profit grew.
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All five, as an 8-page board paper and an editable PowerPoint. Both free with a work email: covianalytics.com/blog/lloyd…

Lloyd's half year results 2026: five board questions

Lloyd's H1 2026: combined ratio 90.8%, profit before tax down to £3.5bn as investment return fell. Five questions a managing agent's board should be ready for.

covianalytics.com
1/ What should a board take from Lloyd's first half? We read the 22-page Half Year Report 2026 and put the answer in six slides.
Slide 1 of 6. A solid half, in a world Lloyd's calls structurally disorderly. Lloyd's H1 2026 headline figures: gross written premium growth 6.9%, combined ratio 90.8%, underwriting profit £1.9bn, investment return £1.8bn, profit before tax £3.5bn, risk-adjusted rate change (6.7)%.

ALT Slide 1 of 6. A solid half, in a world Lloyd's calls structurally disorderly. Lloyd's H1 2026 headline figures: gross written premium growth 6.9%, combined ratio 90.8%, underwriting profit £1.9bn, investment return £1.8bn, profit before tax £3.5bn, risk-adjusted rate change (6.7)%.

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2/ The headline is a solid half. Underneath: five risks the Chief Executive named, a class that swung to a loss, acquisition costs rising faster than premium, and a portfolio that is mostly bonds.
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3/ On Friday, we turn the slides into the questions a board should be ready to answer. The full post, with every chart and its source: covianalytics.com/blog/lloyd…

Lloyd's half year results 2026: five board questions

Lloyd's H1 2026: combined ratio 90.8%, profit before tax down to £3.5bn as investment return fell. Five questions a managing agent's board should be ready for.

covianalytics.com
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Again and again we helped risk teams build reports the business didn't engage with. Accurate. Well-designed. Unread. The problem wasn't the report. It was where the report lived.
Dark teal card. A small label reads "Most risk reports", above large white text: "Accurate. Well-designed. Unread." The footer reads "Every decision, in context." with the Context Visualised logo at the top.

ALT Dark teal card. A small label reads "Most risk reports", above large white text: "Accurate. Well-designed. Unread." The footer reads "Every decision, in context." with the Context Visualised logo at the top.

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The business runs on its own reports: the plan, the performance, the capital. So we start there, and put the risk inside them. We call this RiskOps.
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We're doing it in the open with Halden, a fictitious Lloyd's managing agent. Follow along: covianalytics.com/about?utm_…

About Context Visualised: risk reporting the business uses

Context Visualised builds risk into the business reporting of Lloyd's managing agents and London market insurers, so risk and business teams share one report.

covianalytics.com
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Our clients' reports sit behind NDAs. So we built a fictitious managing agent, to show you how we work.
Halden's structure: the managing agent at £750m gross written premium in the 2027 plan, Syndicate 9146 at £500m and Syndicate 9147 at £250m, with an owned coverholder in Dubai writing for 9146, a UAE fronting partner feeding 9146 and a US fronting partner feeding 9147. Halden is a fictitious Lloyd's managing agent.

ALT Halden's structure: the managing agent at £750m gross written premium in the 2027 plan, Syndicate 9146 at £500m and Syndicate 9147 at £250m, with an owned coverholder in Dubai writing for 9146, a UAE fronting partner feeding 9146 and a US fronting partner feeding 9147. Halden is a fictitious Lloyd's managing agent.

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The board wants to see where the premium comes from and where the risk sits, without more pages in the risk report. Follow along as we show how Halden runs its risk reporting inside its business report, one report at a time.
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See how Halden is set up: covianalytics.com/halden/abo…

About Halden, our fictitious firm | Context Visualised

Halden is a fictitious Lloyd's managing agent that Context Visualised runs in the open. Its 2027 plan, its set-up, and what is real.

covianalytics.com
Your board does not ignore risk. It ignores the risk report. Many risk teams spend weeks scoring risks on a 5×5 grid. The business has already put a number on most of the same risks, in its capital model, and files it with Lloyd's.
Card titled "Your risks, grouped the way the capital is." It shows Halden's risk landscape against an ultimate SCR of £330m, from 79 risks in the register, 2 rated high after controls. Insurance risk: £244m, 74% of SCR, outside appetite, 7 partially effective controls. Counterparty risk: £30m, 9%, approaching appetite, 4 partially effective. Operational risk: £30m, 9%, outside appetite, 2 ineffective and 7 partially effective controls. Market risk: £26m, 8%, within appetite, no control exceptions. Strategic risk: not in the SCR, approaching appetite, 6 partially effective. Halden is a fictitious Lloyd's managing agent.

ALT Card titled "Your risks, grouped the way the capital is." It shows Halden's risk landscape against an ultimate SCR of £330m, from 79 risks in the register, 2 rated high after controls. Insurance risk: £244m, 74% of SCR, outside appetite, 7 partially effective controls. Counterparty risk: £30m, 9%, approaching appetite, 4 partially effective. Operational risk: £30m, 9%, outside appetite, 2 ineffective and 7 partially effective controls. Market risk: £26m, 8%, within appetite, no control exceptions. Strategic risk: not in the SCR, approaching appetite, 6 partially effective. Halden is a fictitious Lloyd's managing agent.

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Same risks, two presentations. One shows the impact in pounds. The other is an abstraction on a grid. At Context Visualised, we put risk reporting inside the business reports, so every decision is made in context.
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Follow along as we show how it works on Halden, a fictitious Lloyd's managing agent.
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Lloyd's published the Market Oversight Plan 2026 on 13 January. The annual coverholder review is still the central control most managing agents rely on. It is also the control that fails most often. Not loudly. Quietly, in the quarters between reviews.
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The Controls-First Approach maps the controls first. The Parent-Child module holds coverholder, binder, and control in one hierarchy so oversight aggregates upward. Heads of Delegated Authority: which of your controls would you trust to a quarterly indicator?
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Full piece on why annual coverholder reviews fail half the time, and what continuous oversight looks like as an operating layer: covianalytics.com/blog/why-a…
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