During the trip, TD Cowen gathered insights on current conditions at Lloyd’s, highlighting trends in pricing, market entry, and strategic positioning. According to TD Cowen’s discussions, pricing at Lloyd’s, particularly within the property segment, has been under pressure as competition increases. TD Cowen observed that the volume of syndicate applications is rising, alongside an influx of capital seeking entry into Lloyd’s. TD Cowen further highlighted that Lloyd’s business is heavily US-oriented, with a relatively modest share coming from continental Europe. Overall, TD Cowen concludes that Lloyd’s is focused on carefully managing growth, prioritising high-quality entrants and sustainable expansion over volume alone.