Context Visualised home Talk to us
For underwriting

The plan you wrote, with the risk read into it.

You write the plan, price the business and stay within appetite and authority. CoVi Analytics puts the plan by class, the underwriting appetite and your wording exceptions in one view. You see which class is drifting before the year closes.

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 plan sits with finance. Appetite sits with risk. Wordings sit in a log.

Plan against actual arrives in the finance pack. The underwriting appetite arrives in the risk pack, and wording exceptions sit in a log nobody reads. None of them tells you which class is slipping, or why. Lloyd's 2026 Market Oversight Plan names underwriting discipline in a softening market as its first priority. Underwriting Profitability is also a hurdle Principle, so its rating caps the syndicate's category.

Today
  • Plan against actual in the finance pack
  • Appetite indicators in the risk pack, with no plan line beside them
  • Wording exceptions in a log nobody opens
  • Rate change and large losses reported in different places
What you need
  • The plan by class, with premium, reinsurance and loss ratio
  • Each underwriting KRI next to the class it measures
  • Unapproved wordings shown next to the risk they change
  • Whole-account rate change next to the large loss ratio
How we solve it

Start with the plan by class. Open a class to see its appetite and its wordings.

Halden's underwriting view reads the plan, the appetite and the wordings in one place.

Halden's large loss ratio is 18.1%, outside appetite. Behind it sit the claims that drove it, from a US hurricane to a Texas jury award, each with what reinsurance paid.

Halden · Underwriting · 2027 plan

Are we writing the plan we agreed, on the wording we agreed?

  • 2027 plan premium£750m▲ 10% on 2026 · 28% reinsured · gross loss ratio 57%

ExploreOpen a class to see its lines of business. Open a line for its detail.

RetainedReinsuredBar length: share of the £750m plan

Change is against the 2026 forecast. Loss ratios are planned gross loss ratios.

Halden is fictitious. Source: 2027 business plan (SBF), risk appetite KRIs at 30 Sep 2026, policy wordings register, risk register

The exchange

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

What your risk team asks of your underwriting team

  • Record referrals and wording exceptions as they are approved, not at quarter end.
  • Agree the underwriting KRIs and their thresholds, class by class.
  • Add a line of comment when a KRI turns amber.

What your underwriting team gets back

  • The plan by class, the appetite and the wordings in one view, not three packs.
  • Unapproved wordings in front of the wordings committee before they turn a KRI red.
  • Whole-account rate change and large losses, read against the plan you wrote, ready for the board's challenge.

How it works.

  1. We start from your plan and your limits.

    The plan by class, your underwriting KRIs and their thresholds, and the wordings register.

  2. We tie each KRI to its class.

    Each wording exception sits next to the risk it changes.

  3. Your underwriters record as they approve.

    Referrals and wording exceptions go in when they are signed off, not at quarter end.

How we think differently

How we think differently

  • The plan is the risk view.

    Appetite is measured against the class plan you wrote, not reported in a separate pack. The PRA's 2026 priorities letter (15 January 2026) asks boards to keep underwriting discipline as the market softens.

  • A wording is an underwriting decision.

    Each exception sits next to the risk it changes. At Halden, two unapproved US trucking wordings sit next to the social inflation risk.

  • The cycle shows in the numbers first.

    At Halden, risk-adjusted rate change across the whole account is −1.5%, down from −0.8% and Approaching its limit. It sits next to the large loss ratio, so softening shows before the year closes.

Proof

See how Halden reads its underwriting.

Each report starts with a question a CUO asks. Each one ends with what we did about the answer.

What Halden did: the CUO owns ACT-041, to reprice US trucking accounts at renewal, due 30 November 2026.

Want your plan with the risk read into it?

Tell us which class worries you most. 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 (5)
  • PRA, "Insurance Supervision: 2026 priorities", Dear CEO letter, 15 January 2026. The general insurance cycle is softening, especially in London market wholesale lines; boards should maintain underwriting discipline. www.bankofengland.co.uk
  • Lloyd's, Principles for doing business at Lloyd's: Principle 1 Underwriting Profitability, a hurdle Principle. Underwriting is Principle 1 and one of the hurdle Principles. www.lloyds.com
  • Lloyd's, "Principles: summary of revisions for 2025", 28 November 2024. "The Syndicate Category cannot be higher than the lowest Dimension Rating for a hurdle Principle.". assets.lloyds.com
  • Lloyd's 2026 Market Oversight Plan. Priority one is underwriting discipline in a softening market. assets.lloyds.com
  • Lloyd's SBF instructions. The plan view follows the syndicate business forecast structure. www.lloyds.com