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Context Visualised

@CoViAnalytics

Software for Insurers, MGAs & Lloyd's. Track regulatory rules as part of operations. Make decisions with context.

 London, UK
covianalytics.com/
Joined March 2015
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This week we opened two parts of Halden's risk management framework: appetite and policies. Halden is a fictitious Lloyd's managing agent. The whole framework sits on one map.
If you're looking to refresh your risk appetite, let's have a chat. We'll demo Halden, our fictitious managing agent.

ALT If you're looking to refresh your risk appetite, let's have a chat. We'll demo Halden, our fictitious managing agent.

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It starts from the plan and the capital you already report to Lloyd's, set against your risks. So the risk report sits inside the business report. You don't build the framework from scratch. You start from ours and make it yours.
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For Lloyd's managing agents and syndicates: if you're looking to refresh your risk appetite, let's have a chat. We'll demo Halden and show how it fits your firm. covianalytics.com/talk-to-us…
Talk to us | Context Visualised

Talk to us | Context Visualised

Tell us what you are trying to fix. Context Visualised replies to every message within one working day.

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Your risk appetite and your policies sit in different documents. At Halden, a fictitious Lloyd's managing agent, they meet on the same step of the work.
Halden's appetite statement on coverholder authority next to policy principle PR-01.

ALT Halden's appetite statement on coverholder authority next to policy principle PR-01.

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Appetite: "The coverholders and partners who act for us stay inside the authority we give them." Policy: "Every risk is written inside a signed authority." Both land where a coverholder binds a risk.
Halden's process map with both pinned to the Binds and pays step, tracked by out-of-authority binding.

ALT Halden's process map with both pinned to the Binds and pays step, tracked by out-of-authority binding.

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One indicator watches both: out-of-authority binding. Both owners see the same number. Next week: how we draw processes, as tube maps of the business. covianalytics.com/halden/fra…
Next week: how we map processes. The map replaces the procedure document.

ALT Next week: how we map processes. The map replaces the procedure document.

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"Payments are handled properly" can't be checked. "Every payment has two authorisers" can. Here's how Halden, a fictitious Lloyd's managing agent, sets up its policies.
Halden's underwriting policy opened into six principles, each with an ID.

ALT Halden's underwriting policy opened into six principles, each with an ID.

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Each policy breaks into principles, each with its own owner and a test of what good looks like. Each principle maps to the risks it covers, the controls that show it is met, and the indicators that show it still holds.
Principle PR-01 with its owner and test, mapped to risks, controls and an indicator.

ALT Principle PR-01 with its owner and test, mapped to risks, controls and an indicator.

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Some principles serve more than one policy. "Claims data is complete and checked before use" is written once and used by three. See all four example policies: covianalytics.com/resources/…
Principle PR-06 on claims data, written once and used by three policies.

ALT Principle PR-06 on claims data, written once and used by three policies.

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An appetite statement says what the board won't accept. It rarely says what happens when a limit gets close. Here's how Halden, a fictitious Lloyd's managing agent, sets up its appetite.
Slide 1 of 3: Set appetite where the risk sits. Layers for firm, class, subclass and risk, plus a culture and conduct statement tracked by indicators.

ALT Slide 1 of 3: Set appetite where the risk sits. Layers for firm, class, subclass and risk, plus a culture and conduct statement tracked by indicators.

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A few statements for the whole firm first. Then layers for class, subclass and risk. Softer statements, like fair customer outcomes, use indicators. Each statement has responses waiting on the rack, with an owner and a trigger.
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At Halden, coverage after a 1-in-10 year loss fell below its 130% trigger. The owner switched on the agreed response: pausing new US casualty growth. The board report shows which responses are running.
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Ask where the risk framework lives, and you get a list of documents. Here's how Halden, a fictitious Lloyd's managing agent, sets up its framework on a page instead.
Halden's risk management framework on one map: how much risk we'll take, what we do, external risks, internal risks, how we do it, and the telltale signs, with reporting running through every box.

ALT Halden's risk management framework on one map: how much risk we'll take, what we do, external risks, internal risks, how we do it, and the telltale signs, with reporting running through every box.

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Reporting runs through every part. This week we open the first two: appetite and policies.
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4/ See how Halden sets up its Risk Management Framework on a page: covianalytics.com/halden/fra…
RMF: a risk management framework for a Lloyd's managing agent

RMF: a risk management framework for a Lloyd's managing agent

Six parts, from the limits the board sets to the signs seen each day, in plain words. Shown on Halden, a fictitious Lloyd's managing agent.

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"This is a solid start to the year." Lloyd's now operates in "a world that is structurally disorderly". Patrick Tiernan, Lloyd's Chief Executive So we turned Lloyd's first half into five questions for your own board.
Cover slide. A photo of the Underwriting Room at Lloyd's, with two quotes from Patrick Tiernan, Chief Executive of Lloyd's: "This is a solid start to the year." Then: Lloyd's now operates in "a world that is structurally disorderly". Source: Lloyd's Half Year Report 2026, Chief Executive's statement, p4.

ALT Cover slide. A photo of the Underwriting Room at Lloyd's, with two quotes from Patrick Tiernan, Chief Executive of Lloyd's: "This is a solid start to the year." Then: Lloyd's now operates in "a world that is structurally disorderly". Source: Lloyd's Half Year Report 2026, Chief Executive's statement, p4.

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One of them: "How much of our 2027 profit plan rests on investment return?" Why ask it: rising yields cut Lloyd's investment return by 43%, even as underwriting profit grew.
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All five, as an 8-page board paper and an editable PowerPoint. Both free with a work email: covianalytics.com/blog/lloyd…
Lloyd's half year results 2026: five board questions

Lloyd's half year results 2026: five board questions

Lloyd's H1 2026: combined ratio 90.8%, profit before tax down to £3.5bn as investment return fell. Five questions a managing agent's board should be ready for.

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1/ What should a board take from Lloyd's first half? We read the 22-page Half Year Report 2026 and put the answer in six slides.
Slide 1 of 6. A solid half, in a world Lloyd's calls structurally disorderly. Lloyd's H1 2026 headline figures: gross written premium growth 6.9%, combined ratio 90.8%, underwriting profit £1.9bn, investment return £1.8bn, profit before tax £3.5bn, risk-adjusted rate change (6.7)%.

ALT Slide 1 of 6. A solid half, in a world Lloyd's calls structurally disorderly. Lloyd's H1 2026 headline figures: gross written premium growth 6.9%, combined ratio 90.8%, underwriting profit £1.9bn, investment return £1.8bn, profit before tax £3.5bn, risk-adjusted rate change (6.7)%.

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2/ The headline is a solid half. Underneath: five risks the Chief Executive named, a class that swung to a loss, acquisition costs rising faster than premium, and a portfolio that is mostly bonds.
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3/ On Friday, we turn the slides into the questions a board should be ready to answer. The full post, with every chart and its source: covianalytics.com/blog/lloyd…
Lloyd's half year results 2026: five board questions

Lloyd's half year results 2026: five board questions

Lloyd's H1 2026: combined ratio 90.8%, profit before tax down to £3.5bn as investment return fell. Five questions a managing agent's board should be ready for.

covianalytics.com
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