Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Underwriting definition

What does Underwriting mean? In capital markets practice, underwriting is the contractual commitment by one or more banks or brokers (the underwriters) to subscribe for, or procure subscribers for, any shares or other securities not taken up by investors in an offer, at an agreed price and by a specified closing date. It gives the issuer funding certainty in IPOs, rights issues, open offers and secondary placings, in return for an underwriting commission. The term is a market expression rather than a defined statutory term, although payment of underwriting commission is permitted subject to disclosure and constitutional authority (for example under the UK Companies...

Hard and Soft Insurance Markets in the UK: Drivers, Solvency II Context and Practical Renewal Strategies

Published by a LexisNexis Insurance & Reinsurance expert

Practice notes

This Practice Note explores hard and soft insurance markets and the way trading conditions influence Underwriting, premiums and claims in practice over time. It also sets out practical pointers for insurance renewals. The insurance sector is often described as hard or soft, mirroring the broader economy, operating conditions and competition within the market. In a hard phase, fewer insurers are prepared to provide cover and those that do may narrow their terms and seek higher premiums. Life insurance is generally less exposed to unfavourable market shifts than non-life business, which is written for shorter periods of insurance. The market must remain adaptable and ensure its risk appetite and pricing align with changing circumstances as they evolve. An insurer’s diversified portfolio usually enables it to balance losses from one book of business against another, but it should be borne in mind that an insurer will not necessarily hold its claims reserves in a discrete bank account. Premium income will be invested and the resulting investment returns used to help meet operating expenses. Even so, certain events, such as a global recession, may affect multiple books of business simultaneously, prompting a marked change in market conditions. While the UK Solvency II regime...

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Web page updated on 21/05/2026

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