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Beazley Furlonge Limited | Syndicate 6107 at Lloyd’s
Annual report and accounts 2025
Welcome to our 2025 Annual report
As a leading global
specialist insurer, we are
passionate about bringing
an innovative and
progressive approach
to helping our clients
mitigate the risks of
the world.
Contents
1
Highlights
2
Strategic report of the managing agent
4
Managing agent’s report
11
Statement of managing
agent’s responsibilities
12
Independent auditor’s report to
the members of Syndicate 6107
15
Statement of comprehensive income
16
Balance sheet
17
Statement of changes
in members’ balances
18
Statement of cash flows
19
Notes to the syndicate annual accounts
34
2023 underwriting year accounts
for Syndicate 6107
35
Managing agent’s report
36
Statement of managing
agent’s responsibilities
37
Independent auditor's report to
the members of Syndicate 6107 –
2023 closed year accounts
40
Profit or loss account
41
Statement of changes
in members’ balances
42
Balance sheet
43
Statement of cash flows
44
Notes to the syndicate 2023
underwriting year accounts
48
Seven-year summary of closed year
results at 31 December 2025
49
Managing agent's corporate information
Highlights
Syndicate capacity Earned premiums, net of reinsurance Claims ratio
£43.9m $51.2m 37.2%
(2024: £57.8m) (2024: $48.9m) (2024: 56.4%)
Gross premiums written Profit for the financial year Expense ratio
$36.6m $15.7m 38.8%
(2024: $63.3m) (2024: $5.9m) (2024: 39.2%)
Net premiums written Rate (decrease) on renewals Combined ratio
$36.8m (6.0)% 76.0%
(2024: $63.8m) (2024: (4.2)%) (2024: 94.6%)
www.beazley.com Beazley | Syndicate 6107 Annual report 2025
1
Strategic report of the managing agent
Overview
In the 2025 underwriting year, Syndicate 6107 ('the syndicate') reinsures 3% of certain classes of cyber business from Beazley
Group's London Market, North American, and European operations. For the 2024 underwriting year, the syndicate reinsured
6.9% of certain classes of cyber business from Beazley Group's London Market operations. For the 2023 underwriting year,
the syndicate reinsured certain classes of cyber and property treaty business from Beazley Group's London Market operations.
Prior to 2025, the syndicate was a special purpose arrangement syndicate. In 2025, the syndicate started writing business
outside the London market.
The capacities of the syndicates managed by Beazley Furlonge Limited ('BFL') are as follows:
2025 Year of Account
£ m
2024 Year of Account
£ m
623 861.0 887.2
2623 2,357.1 2,299.6
3622 35.5 37.0
3623 432.0 1,325.6
4321 — —
5623 419.3 396.6
6107 43.9 57.8
Total
4,148.8 5,003.8
Year of account results
The 2023 underwriting year has closed with a profit of $13.3m, which represents a return on capacity of 22.9% attributable to
strong premium rate growth, rate increases on the Cyber Risks portfolio and favourable claims experience. The 2024 underwriting
year is currently forecast to close with a return on capacity of 10%. The 2025 underwriting year is currently forecast to be profitable.
Rating environment
Premium rates for the underlying reinsured business decreased by 6.0% during 2025 (2024: 4.2% decrease). This has been driven
by the continued softening cyber market during 2025.
The syndicates’ gross written premiums for 2025 are $36.6m (2024: $63.3m). This decrease reflects the reduced cede % (2025
YoA: 3%, 2024 YoA: 6.9%). Net earned premiums for 2025 are $51.2m (2024: $48.9m), reflecting the earnings of the 2024 YoA
(in comparison to the 2023 YoA), outweighing the reduction in the 2025 YoA written premiums.
Combined ratio
The combined ratio is a measure of operating performance and represents the ratio of the syndicate's total costs
(excluding foreign exchange movements) to total net earned premium. The syndicate’s combined ratio for 2025 improved to
76.0% (2024: 94.6%), driven primarily by an improving claims ratio driven by less prior year reserve strengthening in the current
year.
Claims
The claims ratio is a measure of the syndicate's claims experience and represents the ratio of its net insurance claims to net
earned premium. The claims ratio of Syndicate 6107 has improved to 37.2% in 2025 (2024: 56.4%). The current year claims
ratio has benefited from prior year releases, with the prior year claims ratio having been adversely impacted by deterioration on
large losses on older years of account.
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Beazley | Syndicate 6107 Annual report 2025 www.beazley.com
Net operating expenses
Net operating expenses, including business acquisition costs, administrative expenses and profit commissions were $19.9m
(2024: $19.2m). The breakdown of these costs is shown below:
2025
2024
$m $m
Brokerage costs 15.8 14.0
Other acquisition costs
3.1 4.8
Administrative and other expenses
1.0 0.4
Net operating expenses*
19.9 19.2
* A further breakdown of net operating expenses can be seen in note 4.
The 2024 amounts in the table above have been re-presented. Amounts previously disclosed as profit commissions have now
been included as other acquisition costs. There were also amounts reclassified between brokerage costs and administrative
and other expenses.
Brokerage costs as a percentage of net earned premium were approximately 30.9% (2024: 28.7%). Brokerage costs are
deferred and expensed over the life of the associated premiums in accordance with accounting guidelines. Administrative
expenses comprise mainly charges from Lloyd's and managing agent fees. The expense ratio is a measure of the net operating
expenses to net earned premium. The expense ratio for 2025 is 38.8% (2024: 39.2%), remaining relatively stable. Other
acquisition costs mostly relate to profit commissions.
Outlook
The 2024 underwriting year is currently forecast to close with a positive return on capacity of approximately 10.0%. This has been
predominantly driven relatively favourable claims experience.
The 2025 underwriting year is developing well and is forecasting a positive return on capacity, with no significant claims events
to date.
Looking ahead to 2026, the syndicate will continue to focus on the Cyber Risks market. It will continue reinsuring
cyber business from across the Beazley Group. This will include reinsuring cyber business from Beazley Group's London Market,
North American, and European cyber book.
C C J Wong
Director
20 February 2026
www.beazley.com Beazley | Syndicate 6107 Annual report 2025
3
Managing agent’s report
The managing agent presents its report for the year ended 31 December 2025 .
This annual report is prepared using the annual basis of accounting as required by Statutory Instrument No 1950 of 2008,
the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and applicable United Kingdom
Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the United Kingdom
and Republic of Ireland and Financial Reporting Standard 103: Insurance Contracts.
Principal activity
The principal activity of Syndicate 6107 is the transaction of property reinsurance and cyber reinsurance business with
Beazley Group's London Market, North American, and European operations. In 2025, the syndicate only wrote cyber reinsurance
business and will continue to write only cyber reinsurance business in 2026.
Business review
A review of the syndicate’s activities and future outlook is included in the strategic report.
Risk governance and reporting
BFL’s Board of Directors (the 'Board') has the responsibility for defining and monitoring the risk appetite within which BFL and
the syndicates operate (collectively, ‘Beazley’), with key individuals and committees accountable for day-to-day management of
risks and controls. Regular reporting from the Risk Function to Board and Risk Committee meetings and senior management
committees ensures that risks are monitored and managed as they arise. Beazley Group is structured across three platforms,
one of which is the London Wholesale platform governed by BFL on behalf of the syndicates. This platform-focused structure
strengthens leadership accountability, enhances platform-level and legal entity governance, and further reinforces the
effectiveness of the overall risk management framework.
Climate-related risks and opportunities
Climate-related risks, opportunities, and other sustainability related matters were regular agenda items throughout 2025 led by
Beazley plc’s Board and supported by the boards of BFL and the Group’s other regulated subsidiaries. The Group’s sustainability
strategy, sets out the goals and targets across a wider range of sustainability issues, including climate change. Beazley plc’s
consolidated Annual report and accounts includes the Group’s disclosures for the Task Force on Climate-Related Financial
Disclosures ('TCFD') Recommendations. The 2025 Beazley plc Annual report and accounts is expected to be published on the
Group's website in March 2026.
Although not specifically listed in the risk categories detailed further in this report, the Board of BFL deems climate risk to be
inherently embedded within all risks managed across the syndicate.
Risk management
The Board maintains a sound understanding of all drivers of risk and, supported by the Risk Function, provides effective
challenge to management in overseeing risks across Beazley. The Board and the Risk Committee continue to ensure that the
risk management framework remains aligned to Beazley’s evolving risk profile, supports robust oversight and challenge, and
embeds a strong risk culture across the business.
The Board remains attentive to emerging risks and developments in the regulatory and legal landscape. The Risk Function continues
to engage in key strategic projects, providing proportionate and effective second-line challenge to support the ongoing evolution
of the risk management framework.
The effectiveness of risk management across the business is underpinned by continued collaboration between Beazley's assurance
functions, in particular Compliance, Risk Function and, Control and Compliance Assurance Team (CCAT), to deliver a coherent
second line oversight function.
Throughout the year, Beazley strengthened its risk leadership team and further matured its risk culture across the Group.
Investment in both the first and second lines of defence has progressed through the phased delivery of modernisation and
transformation programmes, to enhance oversight, agility and overall risk management capability.
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Beazley | Syndicate 6107 Annual report 2025 www.beazley.com
Risk management oversight and framework
The Board has ultimate responsibility for risk management and delegates direct oversight of the risk management framework to
its Risk Committee. The Board delegates executive oversight of the Risk Function and framework to the BFL Management
Committee, which fulfils this responsibility in conjunction with the Group Risk and Regulatory Committee.
The risk management framework sets out the approach to identifying, assessing, managing, monitoring, and reporting principal
risks. This framework underpins the delivery of the Group’s strategic priorities and supports informed decision making at all levels.
Beazley operates a governance structure founded on the ‘three lines of defence’ model, with the Risk Function forming part of
the second line of defence. Ongoing communication and collaboration across the three lines of defence ensures that Beazley
identifies and manages risks effectively.
The Board approves Beazley's risk appetite statements annually and receives regular updates throughout the year on performance
against these appetites, including impact on the risk profile of the business.
A comprehensive suite of reports from the Risk Function supports senior management and the Board in fulfilling their oversight
responsibilities. These reports include updates on risk culture, risk appetite, risk profiles, stress and scenario testing (including
reverse stress testing) and analysis, emerging and heightened risks, and the Own Risk and Solvency Assessment (ORSA).
In addition, the Risk Function provides reporting to the Remuneration Committee to ensure alignment between risk
considerations and remuneration practices.
An annual risk management plan is developed, with reference to Beazley's business strategy, external market and regulatory
developments, as well as Beazley's risk profile. In addition, the Risk Function integrates insights from internal audit
findings and other assurance activities into its risk assessment and planning processes to ensure a comprehensive and
forward-looking approach.
The approach to identifying, managing and mitigating emerging risks includes inputs from across the business, analysis of
lessons learned following incidents and industry thought leadership. The approach considers the potential materiality and
likelihood of impacts, which helps prioritise emerging risks that Beazley monitors or undertakes focused work on. Key emerging
risks in 2025 included: Artificial Intelligence (AI); Geopolitical and conflict escalation; Supply chain complexity; and Political and
social unrest/instability.
Principal risks
Beazley operates in a dynamic environment where risk exposures evolve in response to changes in market conditions,
regulatory developments, and strategic priorities. Identifying and managing these risks is fundamental to safeguarding Beazley's
financial strength and delivering sustainable value to stakeholders.
Principal risks are subject to regular review through Beazley's risk and control assessment process. The overall risk profile is
continuously monitored with emphasis on operational and regulatory risks, to ensure that our control environment and risk
management capabilities evolve in line with business change and developments in the external environment.
The table below summarises the principal risks faced by Beazley, together with the governance, oversight and control measures
in place to mitigate these exposures, and the associated outlook.
Legend for principal risks table below
Risk outlook
Increasing Stable Decreasing
www.beazley.com Beazley | Syndicate 6107 Annual report 2025
5
Managing agent’s report continued
Insurance
Risk of loss arising from uncertainties and
deviations in the occurrence, frequency, amount
and timing of insurance premium and claim
liabilities relative to the assumptions at the time
of underwriting. This includes key underwriting
risk drivers such as market cycle, catastrophe,
reinsurance reserves and climate.
• Market cycle: potential systematic mispricing
of medium- or long-tailed business that does
not support revenue to invest and cover
future claims;
• Catastrophe: one or more large events caused
by mankind (e.g. systemic cyber-event, an act
of terrorism or an act of war and/or a political
event) impacting a number of policies, and
therefore giving rise to multiple losses;
• Reserving: reserves may not be sufficiently
established to reflect the ultimate paid losses.
Insurance risk, arising in the syndicates, is principally managed by Beazley through
pricing tools, analysis of macro trends and claim frequency/severity, which ensures
exposure is well diversified and not overly concentrated in any one area, or line
of business.
Our prudent and comprehensive approach to reserving ensures adequate provisions
are made for the payment of all valid claims. High calibre claims and underwriting
professionals deliver expert service and claims handling to insureds, ensuring good
customer outcomes.
Beazley carries out periodic analysis to identify significant areas of
concentration risk across its business and monitors solvency regularly
to ensure adequate capitalisation.
Beazley continuously monitors key trends and incidents, particularly for evolving
perils such as cyber, to ensure our view of risk is up-to-date.
Beazley makes extensive use of modelling, including catastrophe modelling,
the use of our Solvency II model and stress and scenario testing to ensure
insurance risk is within approved risk appetite.
Investment in underwriting and exposure management systems and processes
continue to strengthen our risk management capabilities in an increasingly complex
landscape shaped by advances in artificial intelligence and rising geopolitical tensions.
Outlook:
While we continue to assess Beazley's insurance risk outlook as stable, supported
by active management of market cycles across all lines of business, we recognise
that the cycle of rate increases have likely peaked and in the absence of a market
turning event, we anticipate further soft market pressures in the near term,
making effective risk management increasingly critical.
Credit
Exposure to credit risk largely emanates from
intra-group reinsurance contracts with other
Beazley syndicates.
Beazley manages and oversees the credit exposure associated with intra-group
reinsurance transactions arrangements between its syndicates.
Outlook:
The credit risk outlook remains stable.
Principal risks and summary descriptions Mitigation and monitoring
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Beazley | Syndicate 6107 Annual report 2025 www.beazley.com
Group
The contagion risk that an action or inaction of
one part of the Beazley Group adversely affect
another part or parts of the syndicate. This
also includes a changes in culture which leads
to inappropriate behaviour, actions and/or
decisions including dilution of culture or
negative impact on the brand.
In 2025, Beazley further developed its Risk Culture Framework, to align with
industry best practice. The framework is underpinned by six guiding principles:
Leadership and Tone from the Top; Risk Governance and Accountability; Risk
Awareness; Communication and Transparency; Risk and Reward; and Innovation
and Adaptiveness.
A strong risk culture is the cornerstone of a mature risk function. It enables
informed and responsible decision-making, fosters transparency, and promotes
vigilance across both existing and emerging risks, ensuring Beazley remains
resilient and forward-looking in an evolving risk and regulatory landscape. In 2025,
advancing our risk culture maturity was a key management priority. A series of
organisation-wide initiatives were launched to strengthen communication and
engagement, with the aim of cultivating a consistent and robust risk culture.
These efforts focused on building a shared understanding of risk, encouraging
proactive management, and reinforcing a supportive ‘speak up’ environment.
Beazley operates shared services, systems, processes and controls across
different legal entities and jurisdictions. As such, the impact of an issue or
incident in one area of the business can have implications across the Group
(i.e. contagion risk). To mitigate this risk we continue focus on group-wide
strategic initiatives, which include continued enhancement of our internal
control environment and optimization of key business and IT processes
through deployment of technology solutions.
The BFL Management Committee and the Board oversee Group risk, with regular
monitoring conducted by the Risk Function and overseen by the Risk Committee.
Outlook:
Our Group risk outlook remains stable, with the BFL Management Committee
continuously evolving our risk culture through ongoing monitoring and annual
assessments, designed to drive enhancements.
Liquidity
Assets are not available or adequate in order
to settle financial obligations when they fall due.
By actively managing its liquidity needs, Beazley maximizes flexibility in handling
its financial assets and investment strategy. This proactive approach ensures
that clients and creditors are financially protected. Beazley regularly evaluates
the liquidity position of the syndicates, under the oversight of the Risk Committee.
Liquidity stress testing is performed to assess the largest cash flow demands
from the ten most severe Realistic Disaster Scenarios (RDSs) across a 1-day and
12-month time horizon.
Liquidity is monitored quarterly to ensure an adequate liquidity surplus is maintained,
such that liquidity exceeds internal requirements, even under stressed scenarios.
Outlook:
The liquidity risk outlook remains stable, with sufficient available liquidity to
meet expected cashflow requirements, including under stressed scenarios,
while maintaining adequate levels of liquidity and capital buffers.
Principal risks and summary descriptions Mitigation and monitoring
www.beazley.com Beazley | Syndicate 6107 Annual report 2025
7
Managing agent’s report continued
Principal risks and summary descriptions Mitigation and monitoring
Regulatory and legal
The risk of non-compliance with regulatory and
legal requirements and supervisory expectations
or failing to operate in line with the relevant
regulatory framework in the territories where
Beazley operates. This may lead to financial
loss (fines, penalties), sanctions, reputational
damage, loss of confidence from regulators,
regulatory intervention, inability to underwrite
or pay claims.
Beazley’s compliance framework supports adherence to rules, laws and regulatory
expectations including through horizon scanning, advice and training. The work
of the compliance function is overseen by the Risk and Regulatory Committee.
In 2025, we implemented a global horizon scanning tool to support the increasing
size and complexity of our multi- jurisdictional business. This tool aids in identifying,
assessing and implementing new and emerging legal and regulatory policy in a
way that is both accessible and immediate across all areas of our business and
locations that we underwrite. Additionally, it helps to increase awareness of
the regulatory environment for a wider audience, strengthens our adherence to
requirements and provides additional clarity over the expectations of our regulators.
We enhanced our regulatory engagement protocols by developing a new framework,
establishing oversight and strengthening our reporting mechanisms for sharing key
information with our regulators. To ensure effective embedding of the new protocols
and further strengthen our culture of transparency and openness, we provided
firm-wide training to ensure that expectations are understood.
Delivering good customer outcomes remains central to our business. The second
line functions contribute to the work of the Conduct Review Group, which provides
oversight of conduct risk throughout the product lifecycle, ensuring we are able to
consistently meet regulatory expectations for the treatment of our policyholders
and retail customers.
Beazley maintains a very low appetite for regulatory and legal risk. As we consolidate
the regulatory engagement achieved in 2025 and navigate an increasingly complex
environment, maintaining strong and open relationships with our regulators remains
paramount.
Outlook:
The outlook for this risk has moved from increased to stable as a result of the
positive action taken above. We also continue to enhance our key systems and
internal control frameworks as well as adapting our compliance framework to
adhere to our regulatory and compliance landscape. We expect the risk outlook to
improve as changes become well embedded.
Operational
The risk of failure of people, processes and
systems or the impact of an external event
on Beazley operations
Primary risk drivers include technology,
information management, project and change
transformation, third-party management and
the process and people related infrastructure
supporting core business activities;
Underwriting and Claims management
Our risks and controls are formally monitored and reported through a risk and
control self-assessment process and the use of quantifiable KRIs. Our ongoing
control enhancement and underwriting transformation programmes are designed
to ensure that Beazley is fully equipped to meet current and future operational
challenges, strengthening our resilience and supporting sustainable growth.
In 2025, we further advanced our investment in technology and process
re-engineering to strengthen our operational capabilities and add resilience to
internal processes and associated controls. Our business continuity, disaster
recovery and incident response plans ensure the stability of our processes and
systems, enabling our team to consistently deliver optimal outcomes for our clients.
As the external environment grows more complex, technology and cyber resilience
remain top priorities. We have advanced our cyber maturity journey, collaborating
with external agencies, and maintaining robust controls over information security,
data and operational resilience. Regular reviews of our incident response plans
and ongoing investment in cyber security training for all employees ensure we
remain vigilant and prepared.
While maintaining a low appetite for operational risk, we observed an increase in
reported risk incidents during 2025, albeit of lower materiality, reflecting both the
growing complexity of our operational environment and our enhanced risk awareness
and reporting culture. Our Risk Function works closely with first line teams to ensure
that controls and processes evolve in line with emerging risks and business change.
Outlook:
This risk has moved from an increased to stable outlook in 2026, reflecting a
reduction in the severity of operational risk incidents. This is supported by the
continued benefits of our investment in modernising controls, systems and
processes. As our transformation programmes and modernisation initiatives
progress, we expect these efforts to further enhance our operational resilience in
the years ahead.
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Beazley | Syndicate 6107 Annual report 2025 www.beazley.com
Principal risks and summary descriptions Mitigation and monitoring
Strategic
The risk of loss resulting from ineffective
strategic direction and implementation that
leads to inadequate profitability, financial loss
and/or reputational damage.
Pervasive risks impacting multiple areas of
Beazley (e.g., reputation, and sustainability)
occurring through real or perceived action,
or inaction, by a regulatory body, market and/or
third-party provider.
A negative change to Beazley’s reputation
would have a detrimental impact to BFL and the
syndicates performance and public perception.
Beazley consistently addresses key strategic opportunities and challenges, striving
to be the highest performing and most sustainable specialist insurer. We ensure
that we recognise, understand, discuss, and develop action plans for significant
strategic priorities in a timely manner, while maintaining operational effectiveness
and brand reputation.
More widely over the past 18 months, Beazley has made enhancements to its
corporate governance arrangements to align to a three-platform model. It aims to
ensure that the legal entities benefit from increased transparency, and clarity
around decision-making powers & autonomy, which aims to de-risk the organisation.
The three platform model has been implemented and will continue to be embedded
throughout 2026.
Beazley creates an environment that attracts, retains and develops high performing
talent with diverse perspectives, encouraging exploration, creation, and innovation.
By investing in understanding the complexities of the risks our clients face and
deploying our expertise where it adds value, we thrive. The BFL Management
Committee and the Board oversee these risks, in collaboration with the Group
Executive Committee.
We maintain capital in excess of regulatory requirements to support our business
plan and strategic objectives across the short, medium, and long term.
Our commitment is to create a sustainable business for our people, partners,
and planet through responsible business goals. This focuses on understanding
and reducing our carbon footprint, contributing positively to our social environment,
and upholding strong governance practices. Sustainability principles are embedded
into business planning with a documented transition plan and reputational risk is
mitigated through transparent climate-related decision-making across underwriting,
investments and operations. While market developments are considered, each is
evaluated individually to balance potential opportunities and risks.
Outlook:
As we build on our past achievements, our outlook for strategic risk in 2026
remains stable, underpinned by our commitment to disciplined growth, innovation
and sustainability.
Market
The risk of loss resulting from fluctuations in the
level and in the volatility of market prices of
assets, liabilities and financial instruments.
Investment assets may be impacted by adverse
movements in financial markets, interest rates,
exchange rates, or external market forces.
There is limited market risk for this syndicate as assets are largely held in cash or
cash equivalents but it is exposed to FX risk.
Outlook:
We maintain a stable market risk outlook for 2026, underpinned by active
investment portfolio management and a robust internal control framework.
www.beazley.com Beazley | Syndicate 6107 Annual report 2025
9
Managing agent’s report continued
Directors
A list of Directors of the managing agent who held office during the year can be found on page 49 of this syndicate annual report.
Syndicate annual general meeting
In accordance with the Syndicate Meetings (Amendment No. 1) Byelaw (No. 18 of 2000) the managing agent does not propose
to hold a syndicate annual meeting this year. Members may object to this proposal within 21 days of this notice. Any objections
must be made in writing to the managing agent.
Disclosure of information to the auditor
The Directors of the managing agent who held office at the date of approval of this managing agent’s report confirm that, so far
as they are each aware, there is no relevant audit information of which the syndicate’s auditor is unaware; and each Director
has taken all the steps that they ought to have taken as a Director to make themselves aware of any relevant audit information
and to establish that the syndicate’s auditor is aware of that information.
Auditor
Pursuant to Section 14(2) of Schedule 1 of the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts)
Regulations 2008, the auditor will be deemed to be reappointed and Ernst & Young LLP will therefore continue in office.
On behalf of the Board
C C J Wong
Director
20 February 2026
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Beazley | Syndicate 6107 Annual report 2025 www.beazley.com
Statement of managing agent’s responsibilities
The Directors of the managing agent are responsible for preparing the syndicate financial statements in accordance with
applicable law and regulations.
The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 requires the Directors of the
managing agent to prepare their syndicate annual accounts for each financial year. Under that law they have elected to prepare
the annual accounts in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting
Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Under Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 the Directors of the
managing agent must not approve the annual accounts unless they are satisfied that they give a true and fair view of the state
of affairs of the syndicate and of the profit or loss of the syndicate for that period. In preparing these financial statements,
the Directors of the managing agent are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and
explained in the annual accounts;
• assess the syndicate’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern;
and
• use the going concern basis of accounting unless they either intend to cease trading, or have no realistic alternative but to do so.
The Directors of the managing agent are responsible for keeping adequate accounting records that are sufficient to show and
explain the syndicate’s transactions and disclose with reasonable accuracy at any time the financial position of the syndicate
and enable them to ensure that the financial statements comply with the Insurance Accounts Directive (Lloyd’s Syndicate and
Aggregate Accounts) Regulations 2008. They are responsible for such internal control as they determine is necessary to enable
the preparation of financial statements that are free from material misstatement, whether due to fraud or error and have
general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to
prevent and detect fraud and other irregularities.
The Directors of the managing agent are responsible for the maintenance and integrity of the syndicate and financial
information included on the syndicate’s website. Legislation in the UK governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
The Directors of the managing agent are required to comply with the requirements of Section 1 of the Lloyd’s Syndicate
Accounts Instructions version 3.1 as modified by the Frequently Asked Questions version 1.1 issued by Lloyd’s (the 'Syndicate
Accounts Instructions').
The Directors of the managing agent are responsible for the preparation and review of the iXBRL tagging that has been applied
to the syndicate accounts in accordance with the instructions issued by Lloyd's, including designing, implementing and
maintaining systems, processes and internal controls to result in tagging that is free from material non-compliance with the
instructions issued by Lloyd's, whether due to fraud or error.
We confirm that to the best of our knowledge the syndicate accounts, including the iXBRL tagging applied to these accounts,
comply with the requirements of the Lloyd’s Syndicate Accounts Instructions version 3.1 as modified by the Frequently Asked
Questions version 1.1 issued by Lloyd’s.
On behalf of the Board
C C J Wong
Director
20 February 2026
www.beazley.com Beazley | Syndicate 6107 Annual report 2025
11
Independent auditor's report to the members of
Syndicate 6107
Opinion
We have audited the syndicate annual accounts of syndicate 6107 (‘the syndicate’) for the year ended 31 December 2025
which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes In Members’
Balances, the Statement of Cash Flows and the related notes 1 to 19, including a summary of significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law including The Insurance Accounts
Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008, United Kingdom Accounting Standards including FRS
102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and FRS 103 ‘Insurance Contracts’ (‘United
Kingdom Generally Accepted Accounting Practice’), and Section 1 of the Lloyd’s Syndicate Accounts Instructions V3.1 as
modified by the Frequently Asked Questions Version 1.1 issued by Lloyd’s (‘the Syndicate Accounts Instructions’).
In our opinion, the syndicate annual accounts:
• give a true and fair view of the syndicate’s affairs as at 31 December 2025 and of its Profit for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of The Insurance Accounts Directive (Lloyd’s Syndicate and
Aggregate Accounts) Regulations 2008 and the Syndicate Accounts Instructions.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)), The Insurance Accounts
Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008, the Syndicate Accounts Instructions, and other
applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the syndicate annual accounts section of our report. We are independent of the syndicate in accordance with the ethical
requirements that are relevant to our audit of the syndicate annual accounts in the UK, including the FRC’s Ethical Standard as
applied to other entities of public interest, and we have fulfilled our other ethical responsibilities in accordance with these
requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the syndicate annual accounts, we have concluded that the managing agent’s use of the going concern basis of
accounting in the preparation of the syndicate annual accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the syndicate’s ability to continue as a going concern for a period of 12
months from when the syndicate annual accounts are authorised for issue. from when the syndicate annual accounts are
authorised for issue.
Our responsibilities and the responsibilities of the directors of the managing agent with respect to going concern are described
in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is
not a guarantee as to the syndicate’s ability to continue as a going concern.
Other information
The other information comprises the information included in the annual report and accounts other than the syndicate annual
accounts and our auditor’s report thereon. The directors of the managing agent are responsible for the other information
contained within the annual report and accounts.
Our opinion on the syndicate annual accounts does not cover the other information and, except to the extent otherwise explicitly
stated in this report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the syndicate annual accounts or our knowledge obtained in the course of the audit or otherwise appears to
be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement in the syndicate annual accounts themselves. If, based on the
work we have performed, we conclude that there is a material misstatement of the other information, we are required to report
that fact.
We have nothing to report in this regard.
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Opinions on other matters prescribed by The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts)
Regulations 2008
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the managing agent’s report for the financial year in which the syndicate annual accounts are
prepared is consistent with the syndicate annual accounts; and
• the managing agent’s report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the syndicate and its environment obtained in the course of the audit, we
have not identified material misstatements in the managing agent’s report.
We have nothing to report in respect of the following matters where The Insurance Accounts Directive (Lloyd’s Syndicate and
Aggregate Accounts) Regulations 2008 requires us to report to you, if in our opinion:
• the managing agent in respect of the syndicate has not kept adequate accounting records; or
• the syndicate annual accounts are not in agreement with the accounting records; or
• certain disclosures of the managing agents’ emoluments specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of the managing agent
As explained more fully in the Statement of Managing Agent’s Responsibilities set out on page 11, the directors of the
managing agent are responsible for the preparation of the syndicate annual accounts and for being satisfied that they give a
true and fair view, and for such internal control as they determine is necessary to enable the preparation of the syndicate
annual accounts that are free from material misstatement, whether due to fraud or error.
In preparing the syndicate annual accounts, the directors of the managing agent are responsible for assessing the syndicate’s
ability to continue in operation, disclosing, as applicable, matters related to its ability to continue in operation and using the
going concern basis of accounting unless the directors of the managing agent either intends to cease to operate the syndicate,
or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the syndicate annual accounts
Our objectives are to obtain reasonable assurance about whether the syndicate annual accounts as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these syndicate annual accounts.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to
fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for
example, forgery or intentional misrepresentations, or through collusion.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the
primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the managing
agent and management.
Our approach was as follows:
• We obtained a general understanding of the legal and regulatory frameworks that are applicable to the syndicate and
determined that the most significant are direct laws and regulations related to elements of Lloyd’s Byelaws and Regulations,
and the financial reporting framework (UK United Kingdom Generally Accepted Accounting Practice), and requirements
referred to by Lloyd’s in the Syndicate Accounts instructions. Our considerations of other laws and regulations that may have
a material effect on the syndicate annual accounts included permissions and supervisory requirements of Lloyd’s of London,
the Prudential Regulation Authority (‘PRA’) and the Financial Conduct Authority (‘FCA’).
• We obtained a general understanding of how the syndicate is complying with those frameworks by making enquiries of
management, internal audit, and those responsible for legal and compliance matters of the syndicate. In assessing the
effectiveness of the control environment, we also reviewed significant correspondence between the syndicate, Lloyd’s of
London and other UK regulatory bodies; reviewed minutes of the Board and Risk Committee of the managing agent; and
gained an understanding of the managing agent’s approach to governance.
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Independent auditor's report to the members of Syndicate 6107
continued
• For direct laws and regulations, we considered the extent of compliance with those laws and regulations as part of our
procedures on the related syndicate annual accounts’ items.
• For both direct and other laws and regulations, our procedures involved: making enquiries of the directors of the managing
agent and senior management for their awareness of any non-compliance of laws or regulations, enquiring about the policies
that have been established to prevent non-compliance with laws and regulations by officers and employees, enquiring about
the managing agent’s methods of enforcing and monitoring compliance with such policies, and inspecting significant
correspondence with Lloyd’s, the PRA and the FCA.
• The syndicate operates in the insurance industry which is a highly regulated environment. As such the Senior Statutory
Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate
competence and capabilities, which included the use of specialists where appropriate.
• We assessed the susceptibility of the syndicate’s annual accounts to material misstatement, including how fraud might occur
by considering the controls that the directors of the managing agent have established to address risks identified by them, or
that otherwise seek to prevent, deter or detect fraud. We also considered areas of significant judgement, complex
transactions, performance targets, economic or external pressures and the impact these have on the control environment.
Where this risk was considered to be higher, we performed audit procedures to address each identified fraud risk, including;
– Reviewing accounting estimates for evidence of management bias. Supported by our Actuaries, we assessed if there were
any indicators of management bias in the valuation of insurance liabilities and the recognition of estimated premium
income.
– Evaluating the business rationale for significant and/or unusual transactions.
– Testing the appropriateness of journal entries recorded in the general ledger, particularly in respect of judgemental areas
including valuation of insurance liabilities and estimated premium income.
A further description of our responsibilities for the audit of the annual accounts is located on the Financial Reporting Council’s
website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other matter
Our opinion on the syndicate annual accounts does not cover the iXBRL tagging included within these syndicate annual
accounts, and we do not express any form of assurance conclusion thereon.
Use of our report
This report is made solely to the syndicate’s members, as a body, in accordance with The Insurance Accounts Directive (Lloyd’s
Syndicate and Aggregate Accounts) Regulations 2008. Our audit work has been undertaken so that we might state to the
syndicate’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the syndicate and the
syndicate’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Niamh Byrne (Senior Statutory Auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
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20 February 2026
Statement of comprehensive income
for the year ended 31 December 2025
| 2025 | 2024 | ||
Notes | $'000 | $'000 | |
| Gross premiums written | 3 | | |
| Outward reinsurance premiums | | | |
Premiums written, net of reinsurance | | | |
Changes in unearned premium | |||
| Change in the gross provision for unearned premiums | 11 | | ( |
Change in the provision for unearned premiums, reinsurers’ share | 11 | | ( |
Net change in the provisions for unearned premiums | | ( | |
Earned premiums, net of reinsurance | | | |
| Allocated investment return transferred from the non-technical account | 6 | | |
Claims paid | |||
Gross amount | 11 | ( | ( |
Reinsurers’ share | 11 | | |
Net claims paid | ( | ( | |
Change in the provision for claims | |||
| Gross amount | 11 | ( | |
| Reinsurers' share | 11 | ( | ( |
Net change in provisions for claims | ( | ( | |
Claims incurred, net of reinsurance | ( | ( | |
| Net operating expenses | 4 | ( | ( |
Balance on the technical account - general business | | | |
| Investment income | 6 | | |
| Total investment income | | | |
| Allocated investment return transferred to technical account | ( | ( | |
| Gain on foreign exchange | | | |
Profit for the financial year | | | |
Total comprehensive income for the financial year | | |
There were no other comprehensive gains or losses in the year.
The notes on pages 19 to 33 form part of these financial statements.
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