At a glance
- The two figures sit in the same report but count different things.
- In-principle approval is not final approval, and completion would change Envelop's Lloyd's vehicle from a special purpose arrangement to a syndicate rather than leave it as one.
- A registration record listing Lloyd's of London and Envelop is dated 16 October 2026.
Lloyd's approved capital rose to £36.2 billion and thirteen syndicates launched, according to the market's 2025 report, which also logged more than 50 serious underwriting inquiries.
The two figures sit in the same report but count different things. The 50-plus is a tally of inquiries, not committed capital; the £36.2 billion is approved capital, and the report gives it as a single total rather than a breakdown by syndicate.
The same report says cyber reinsurer Envelop has in-principle approval to convert its special purpose arrangement into a syndicate. In-principle approval is not final approval, and completion would change Envelop's Lloyd's vehicle from a special purpose arrangement to a syndicate rather than leave it as one.
A registration record listing Lloyd's of London and Envelop is dated 16 October 2026. The report frames the conversion as expanding cyber reinsurance capacity at Lloyd's, which is the one line of business the material attaches to the approval.
Reported by The Wrap desk from Lloyd's 2025 report and Internal newsroom records. Published . Corrections