London Market Walking Tour Feedback

Research evidence excerpt

London Market Walking Tour Feedback

RBC Europe Limited

Ben Cohen (Analyst)

+44 20 7002 2456,

ben.cohen@rbccm.com

Sarah Chong (Senior

Associate)

+44 20 7002 2665,

sarah.chong@rbccm.com

July 1, 2026 Dawid Pych (Analyst)

+ 44 20 7002 2482,

dawid.pych@rbccm.com London Market Walking Tour FeedbackRESEARCH The Wimbledon effect in a consolidating market

Our view: We hosted a tour of leading London Market businesses with investors on Tuesday. We met

with management and/or executives from Canopius, Convex, Inigo, Howden and Tokio Marine Kiln

(TMK). Our key conclusions are that competition remains elevated in most lines due to overcapacity,

albeit with prices where declining expected to slow into 2027 as technical break-evens are approached.

Catastrophe losses, management look through to attritional loss ratios and treatment of investment

income in pricing are all unknowns as to how markets develop, we believe.EQUITY We remain of the view that investors need to take a measured approach to exposure to London Market

insurers, with our preferred stock (Hiscox) materially more diversified than its quoted peers and the

broader market, although the stock has performed well ytd, aided by M&A anticipation. Lancashire

was cited in one meeting as a conservative cross-cycle underwriter, with which we would agree,

but we remain cautious on whether consensus expectations for top-line and margins are sufficiently

conservative. Increasingly, as reflected in the companies we visited, exposure to the Lloyd's and London

Markets will need to come through businesses whose ownership sits outside the UK.

A bifurcated market - Property weakening, Specialty mixed, Casualty increases

Messaging on pricing dynamics was consistent between companies, with Property (both primary and