Context Visualised home Talk to us
For finance and actuarial

The capital model and the risk register, read together.

You own the capital, the reserves, the ALM and the numbers in the ORSA. CoVi Analytics reads the risk register into the SCR split you already send to Lloyd's. You see what is moving reserves and capital, with the risks behind each movement.

Talk to us Follow Halden

Halden is a fictitious Lloyd's managing agent. We run it in CoVi Analytics and publish its reports one at a time.

The problem

The capital model says how much. The risk register says why. They rarely meet.

The capital model and the risk register are built by different teams, in different tools, on different timetables. When reserves move, the explanation arrives after the quarter closes. Then the risk team asks for the same numbers in another format. The PRA's 2026 priorities letter (15 January 2026) warns that optimistic model assumptions could understate the SCR.

Today
  • The risk register in one tool, the capital model in another
  • Reserve movements explained after the quarter closes
  • Stress results seen once a year, in the ORSA
  • Returns at risk spotted the week they are due
What you need
  • Each class of risk with its share of the SCR
  • Reserve movements next to the risks that drive them
  • Stresses and appetite on one page
  • Returns at risk flagged with the incident behind them
How we solve it

Start with the SCR split you send to Lloyd's. Then see what is moving it.

Halden's finance view opens on capital, then reserves, stresses and ALM, each with the risks behind it.

Halden · Finance · 30 Sep 2026

Do we hold enough, and will the numbers land on time?

ExploreOpen insurance risk for its split. Open the reverse stress test for the management actions.

Capital requirement by risk type

£330m ultimate SCR, from the LCR for 2027, submitted 2 October · requirement £446m with the 35% uplift
  • Counterparty£30m · 9% of the SCR
  • Operational£30m · 9% of the SCR
  • Market£26m · 8% of the SCR
  • StrategicNot capitalised

Capital over the plan

Capital held vs requirement (ECA) · plan years from the ORSA
  • 2026 actualCapital £678m · requirement £446m152%
  • 2027 planCapital £712m · requirement £481m148%
  • 2028 planCapital £760m · requirement £507m150%
  • 2029 planCapital £818m · requirement £528m155%

Halden is fictitious. Source: capital and reserving Q3 2026, risk taxonomy (LCR), ORSA 2026, investments and ALM, reporting calendar

The exchange

This is a deal between your finance team and your risk team. CoVi Analytics is where it happens.

What your risk team asks of your finance team

  • Share each return once it is submitted, so the view uses the numbers Lloyd's already has.
  • Record reserve movements with their reason, as the reserving committee agrees them.
  • Share stress and reverse stress results with the risk team as they are run.

What your finance team gets back

  • The risk register read against the SCR split you already report.
  • Reserve movements shown with the risks that drive them, before the committee asks.
  • Returns at risk flagged with the incident behind them, weeks before the deadline.

How it works.

  1. We start from the returns you have already sent.

    The SBF, the LCR and the quarterly returns, plus your reserving and stress results.

  2. We pair each risk with its capital.

    The SCR split sits next to your register, and each reserve movement next to the risk behind it.

  3. Finance updates it as the numbers move.

    Your team shares each return once it is submitted, and records reserve movements with their reason.

How we think differently

How we think differently

  • Capital is the risk register in pounds.

    We pair each class of risk with its share of the SCR. A director sees where the capital goes and which risks sit inside it.

  • We start from numbers already accepted.

    We start from returns already sent to Lloyd's and the regulator: the business forecast, the Lloyd's Capital Return and the quarterly returns. You signed these numbers off once. Nobody re-keys them, and nobody re-argues them.

  • Movements come with their reason.

    At Halden, the £23m casualty back book sits next to the social inflation risk that drives it.

Proof

See how Halden reads its capital.

Each report starts with a question a CFO or chief actuary asks. Each one ends with what we did about the answer.

What Halden did: the fix sits with delegated authority, not finance. The Head of Delegated Authority owns ACT-036, to chase the late binder bordereaux.

Want your capital and your risks in one view?

Tell us which number takes longest to explain. We will show you how we would build its view, using Halden as the starting point.

Talk to us Take the risk reporting check

Show this to your risk team

Built by Context Visualised, in London since 2016, Lloyd's Lab Cohort 2. Founded by Waleed Sarwar, former interim Head of Risk at Liberty Mutual, Markel and Bupa, who worked on Solvency II policy at the Bank of England.

Sources (4)
  • PRA, "Insurance Supervision: 2026 priorities", Dear CEO letter, 15 January 2026. Optimistic internal model assumptions could understate SCRs; boards should "challenge management's assumptions robustly". www.bankofengland.co.uk
  • PRA SS19/16 "Solvency II: ORSA", updated May 2026 (the update came within PS13/26, the third-country branches policy statement; effective 31 December 2026). The ORSA statement was updated in May 2026; paras 4.1 and 4.3 on board ownership are unchanged. www.bankofengland.co.uk
  • Lloyd's Capital Guidance, April 2026, and LCR 2027 YOA instructions. Syndicates submit the SCR through the Lloyd's Capital Return, broken down by risk type. assets.lloyds.com
  • Lloyd's SBF and QMA. The syndicate business forecast (SBF) sets out each syndicate's plan for the coming year. The quarterly monitoring return (QMA) reports results to Lloyd's each quarter. Both are returns a syndicate has already sent to Lloyd's. www.lloyds.com