Insurance Capital Markets Research

What Insurance Capital Markets Research does

ICMR (Insurance Capital Markets Research, trading name of IC Markets Research Ltd.) is a London-headquartered independent quantitative research and analytics firm founded in 2020 by Markus Gesmann (former Head of Analysis at Lloyd's) and Quentin Moore (former Head of Research at Lloyd's). The firm serves institutional investors, hedge funds, ILS managers, capital allocators, and Lloyd's syndicates / managing agencies that face opacity, illiquidity, and weak benchmarking in the global specialty (re)insurance market. ICMR positions itself as the only independent quantitative research house bridging Lloyd's underwriting and capital markets valuation, and explicitly distinguishes itself from brokers.

The product platform spans four layers: data (ICMR.Data Excel database of every active Lloyd's syndicate, the annual 272-page Syndicate Statistics reference book, and a 20-year NAV series); predictive analytics (ICMR.Insight, a Bayesian AI tool projecting relative underwriting outperformance, and ICMR.Quant, an outside-in capital model using probabilistic programming consistent with Solvency Capital Requirement standard formulas); valuation and benchmarking (ICMR NAV Index launched June 2026 for monthly Lloyd's NAV tracking back to July 2006, regular NAV reporting subscriptions, and the RISX Index — the world's first equity-based index for the specialty (re)insurance market, tracking 27 publicly listed companies with Lloyd's underwriting subsidiaries and administered by Morningstar Indexes GmbH); and consulting services (bespoke analytics, due diligence, monthly retainers, white-label arrangements). Additional client-portal tools include ICMR.Matrix, the IMLW Model, Scenario Analysis, and SWIM.

ICMR generates revenue through five streams: annual ICMR.Data subscriptions, one-time Syndicate Statistics book sales, professional services and monthly retainer consulting, recurring NAV reporting subscriptions for fund managers, and licensing royalties on the RISX Index distributed via Bloomberg (RISX, RISXNTR), Morningstar, and Refinitiv. The firm operates with a small team of 1-10 employees and pursues a hybrid enterprise field sales and product-led growth motion, combining direct client engagement with self-service access through a secure client portal. Distribution is global (Asia, Bermuda, Europe, North America), and strategic partnerships include Gallagher Re (exclusive, November 2023), Morningstar Indexes, the Lloyd's Market Association (co-branded annual Insights Report), and Hampden Risk Partners (co-authored AI white paper, July 2025).

Name

Insurance Capital Markets Research

Legal name

IC Markets Research Ltd.

Website

https://insurancecapitalmarkets.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

ICMR is a London-based independent quantitative research firm providing AI-driven analytics, valuation, and benchmarking for the Lloyd's and global specialty (re)insurance market, serving institutional investors, ILS managers, hedge funds, and (re)insurers.

Ownership category

akta.pro rank

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Data & Research Subscriptions: ICMR.Data subscription providing Excel database of every active Lloyd's syndicate's underwriting performance. Annual subscription per calendar year with data available in mid-April.
2. Syndicate Statistics Book: 272-page hardcopy reference book providing forensic analysis of every active Lloyd's syndicate. One-off purchase with global shipping included. Available annually in April.
3. Consulting Services: Bespoke analytics, due diligence, prospective modeling, valuation services, benchmarking, white-label analytics, and monthly retainer arrangements for continuous analytical support.
4. NAV Reporting Services: Portfolio-specific independent NAV reporting services for investors participating on Lloyd's syndicates. Annual subscription for recurring valuation services.
5. RISX Index Data: RISX Index data available via Bloomberg (tickers RISX and RISXNTR), Morningstar and Refinitiv. Revenue from index licensing through Morningstar Indexes.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

ICMR is an insurance analytics company that provides independent quantitative research, portfolio modeling, and valuation services for the Lloyd's of London and global specialty (re)insurance markets. Its core offering combines proprietary data products (ICMR.Data Excel database, 272-page Syndicate Statistics book), predictive AI tools (ICMR.Insight, ICMR.Quant, ICMR.Matrix), proprietary indices (RISX equity index, ICMR NAV Index), and bespoke consulting for institutional investors, hedge funds, ILS managers, and Lloyd's syndicates.

Product overview

ICMR is a quantitative research house offering a platform of data, analytics, and valuation products for the specialty insurance market, with a particular focus on Lloyd's of London. The core platform consists of ICMR.Data (Excel database), ICMR.Insight (predictive AI), and ICMR.Quant (capital model), supplemented by the Syndicate Statistics reference book. The ICMR NAV Index and RISX Index provide benchmark tracking, while client portal tools (ICMR.Matrix, IMLW Model, Scenario Analysis, SWIM) offer specialized analytical capabilities. Consulting services including due diligence, valuation, and white-label analytics complete the offering.

Differentiator

Problem solved

Functional benefit

Brands

• ICMR.Data: Digital database providing comprehensive Lloyd's syndicate underwriting performance data in Excel format
• ICMR.Insight
• ICMR.Quant
• ICMR.Matrix
• RISX Index
• RISXNTR Index
• NAV Index
• Syndicate Statistics
• Lloyd's 2026 Insights Report
• IMLW Model

Products and services

• ICMR.Data Digital Excel database providing comprehensive Lloyd's syndicate underwriting performance data for institutional investors, hedge funds, ILS managers, and Lloyd's syndicates to perform their own forensic market analysis.
• Syndicate Statistics Comprehensive 272-page hard-copy reference book providing forensic analysis of every active Lloyd's syndicate with financial data, performance analysis, and risk/return profiles. Available annually in April; for professional investors only.
• ICMR.Insight AI-driven predictive Bayesian tool that identifies which syndicates and portfolios are structurally positioned to outperform in the future, projecting prospective relative underwriting performance at whole account and gross line of business level. Supports Smart Follow portfolio strategies for institutional investors.
• ICMR.Quant Outside-in underwriting capital model using Bayesian approach that models distribution of prospective results under sensitivity scenarios, providing top-down assessment of underwriting risk for portfolio construction and rapid scenario testing.
• ICMR.Matrix Lloyd's performance landscape and valuation tool providing outside-in capital transparency and franchise value mapping; segments syndicates by relative performance and capital efficiency into four quadrants.
• ICMR NAV Index Monthly Net Asset Value delta tracking capability for the Lloyd's market as a whole, providing investors with timely independent benchmark for portfolio performance review going back to July 2006.
• ICMR RISX Index World's first equity-based proxy for Lloyd's of London specialty reinsurance market, tracking 27 publicly listed companies with Lloyd's underwriting subsidiaries. Available on Bloomberg (RISX, RISXNTR), Morningstar, and Refinitiv.
• Regular NAV Reporting Independent monthly/quarterly NAV reporting service for fund managers with mark-to-model estimates meeting regulatory reporting standards for funds participating on Lloyd's syndicates.
• Consulting Services Bespoke analytics including due diligence, prospective modelling, valuation services, benchmarking, white-label analytics, and monthly retainer support for Lloyd's market analysis. For capital allocators, hedge funds, ILS funds, and Lloyd's syndicates.

Quantifiable outcome

• 22.3% total return delivered by RISX Index in 2025, outperforming MSCI World (21.3%) and S&P 500 (17.7%)
• +3 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability4 records

Feature6 records

Partnerships

Eight partnerships are on record, tiered core, minor and flagship.

• Lloyd's Market AssociationcoreStrategic or Co-development Partner · 14 April 2026LMA and ICMR jointly release annual Lloyd's Insights Report analyzing Lloyd's year-end results. Partnership produces comprehensive market analysis including profit before tax, combined ratio, total capital, and return on capital metrics.
• Helios UnderwritingminorGTM or Marketing Partner · 14 April 2026Helios Underwriting co-sponsored the 2026 Syndicate Statistics publication, supporting industry-wide distribution of Lloyd's market analysis.
• Artex Risk SolutionsminorGTM or Marketing Partner · 14 April 2026Artex Risk Solutions supported the 2026 Syndicate Statistics book launch as industry partner, providing marketing endorsement for the publication.
• Peel HuntminorGTM or Marketing Partner · 14 April 2026Peel Hunt investment bank featured ICMR on their Insights Podcast discussing Lloyd's investment opportunities. Supported Syndicate Statistics 2026 as industry partner.
• MillimanminorGTM or Marketing Partner · 14 April 2026Milliman actuarial consultancy supported the 2026 Syndicate Statistics book as industry partner, providing endorsement for the Lloyd's market analysis publication.
• Hampden Risk PartnerscoreStrategic or Co-development Partner · 1 July 2025Hampden Risk Partners and ICMR co-authored AI-powered white paper on 'Winning Portfolio Strategies in the Lloyd's Market' (July 2025). Partnership combines Hampden's follow-only expertise with ICMR's quantitative analytics.
• Gallagher ReflagshipStrategic or Co-development Partner · 2 November 2023Exclusive relationship combining Gallagher Re's deep expertise in reinsurance broking with ICMR's innovative quantitative analysis. Partnership announced November 2023, representing significant endorsement of ICMR's analytical capabilities by major reinsurance broker.
• Morningstar Indexes GmbHcoreTechnology or IntegrationMorningstar Indexes administers and calculates the RISX Index daily. RISX and RISXNTR data available via Bloomberg, Morningstar, and Refinitiv platforms. Neither ICMR nor Morningstar are associated with Lloyd's of London.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Aon: Aon is a global professional services firm with a large reinsurance and ILS practice (including Aon Securities) serving Lloyd's carriers, ILS funds, and capital markets participants. It is a broad incumbent offering analytics and capital advisory as part of its broader portfolio, comparable to ICMR's investor and carrier solutions.
• WTW (Willis Towers Watson): WTW is a global insurance broker and advisory firm with significant reinsurance, capital, and insurance consulting capabilities serving Lloyd's, ILS, and specialty markets. It overlaps with ICMR in serving sophisticated carriers and investors with analytics and benchmarking, but at vastly larger scale and across many other lines of business.
• KPMG: KPMG's insurance and ILS advisory practices serve reinsurers, Lloyd's participants, and institutional investors with actuarial, transaction, and risk consulting services. It overlaps with ICMR on insurance market advisory but as part of a multi-discipline Big 4 portfolio rather than a specialist quantitative research house.
• Milliman: Milliman is a premier global actuarial and consulting firm with a deep specialty (re)insurance and ILS analytics practice, including market intelligence and reserving models. It is a broad incumbent competing for the same institutional consulting mandates ICMR addresses, particularly around reserving, capital modelling, and M&A due diligence.
• EY: EY's insurance and actuarial practices serve global reinsurers, ILS participants, and capital markets clients with advisory, transaction, and risk modelling services. It is a broad incumbent competing for the same institutional insurance consulting mandates as ICMR, particularly around M&A due diligence and actuarial transformations.
• Guy Carpenter: Guy Carpenter is a top-tier global reinsurance broker and part of Marsh McLennan, with a substantial analytics, modelling, and capital advisory practice serving Lloyd's and global specialty (re)insurance clients. It competes with ICMR on the analytics and benchmarking layer but as part of a much broader broker portfolio rather than as a specialist quantitative research house.
• PwC: PwC's insurance and ILS practices serve Lloyd's carriers, reinsurers, and capital markets clients with actuarial, transaction, and risk consulting services. It competes with ICMR's consulting and due diligence offerings but as part of a full-service Big 4 portfolio rather than as a Lloyd's-specialist quantitative research firm.

Direct peers

• Artemis: Artemis is the leading ILS-focused news, data, and research platform covering catastrophe bonds, reinsurance, and insurance-linked securities. It is the closest direct peer to ICMR in terms of serving ILS allocators and capital markets participants with specialty insurance market intelligence, though it is media-led rather than quantitative-modelling-led.
• InsuranceLinked: InsuranceLinked is an ILS and reinsurance industry data, news, and events platform serving institutional investors and reinsurers. It overlaps directly with ICMR's investor-facing content and market intelligence distribution and is part of the same niche information ecosystem around ILS capital allocation.
• Trading Risk: Trading Risk is a specialty (re)insurance industry publication focused on capital, ILS, and alternative capital at Lloyd's and beyond. It targets the same investor and carrier audience as ICMR and competes for the attention of sophisticated capital allocators active in the Lloyd's and ILS markets.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/insurance-capital-markets-research

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Insurance Capital Markets Research