In a message to the market, Lloyd’s has highlighted the pace of rate decline as an issue that needs to be carefully managed and, in the softening market, has emphasised the need to focus on margin, expenses, cycle management and profitable growth.

Across 12 lines of business, Lloyd’s said only property treaty and specialty other had a ‘strong’ adequacy assessment. The other ten were all ‘marginal’. They were: whole account, accident and health, aviation, casualty finpro, cyber, casualty other, casualty treaty, energy, marine and property direct and facultative.

Looking ahead, only three – accident and health, aviation and casualty other – had a ‘stable’ outlook. The other nine were all classed as ‘weaking’ or ‘rapid weakening’.

Rachel Turk, chief of performance and strategy at Lloyd’s, said: “I think we have reached a point where nuance and subtlety do not serve any of us.

She added: “First quarter renewals were a little brutal and rates are coming off faster than expected.”