TALBOT 2002 UNDERWRITING CAPITAL LTD
Operating as a subsidiary of American International Group, the company acts as a corporate member providing capital to support the underwriting activities of Talbot's Syndicate 1183 at Lloyd's of London.
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Cash
—
Latest balance sheet
Net assets
£263m
USD 354,400,000
+33.2% highest in 3 filed years
Employees
315
-3.1% vs 2024
Profit before tax
£131m
USD 176,200,000
+80% vs 2024
Watch the reel
Our short-form breakdown of TALBOT 2002 UNDERWRITING CAPITAL LTD's latest filing
AIG's Lloyd's capital provider parked revenue at £1.35bn, but pre-tax profits nearly doubled anyway. Here’s how finance income did the heavy lifting. 📊
Net assets
3-year trend · vs Financials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Gross written premiums | — | £981,493,868 | £1,004,162,022 | +2.3% | |
| Net earned premiums | — | £701,597,919 | £672,092,159 | -4.2% | |
| Claims incurred | — | £411,296,916 | £352,508,361 | -14.3% | |
| Investment return | — | £51,282,051 | £67,335,563 | +31.3% | |
| Profit before tax | £152,136,752 | £72,761,055 | £130,955,035 | +80% | |
| Net profit | £119,360,832 | £57,599,405 | £102,861,390 | +78.6% | |
| Insurance contract liabilities | — | £2,176,737,272 | £1,984,243,776 | -8.8% | |
| Total assets | £2,481,456,708 | £2,673,504,274 | £2,744,258,640 | +2.6% | |
| Total liabilities | — | — | — | — | |
| Equity | £180,973,616 | £197,696,024 | £263,396,507 | +33.2% | |
| Average employees | — | 325 | 315 | -3.1% |
Figures converted to GBP from USD at 0.743 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | 13.7% | 9.4% | — | |
| Net margin | 11.4% | 5.9% | — | |
| Gearing (liabilities / total assets) | 92.7% | 92.6% | — | |
| Current ratio | 2.89x | 2.73x | — | |
| Interest cover | — | 72.65x | — |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 1 time since incorporation
- TALBOT 2002 UNDERWRITING CAPITAL LTD 2001-11-14 → present
- DWSCO 2201 LIMITED 2001-07-23 → 2001-11-14
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- PricewaterhouseCoopers LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The Directors have a reasonable expectation that the Company will continue as a going concern.”
Significant events
- “Emissions from business travel have increased by 67% due to business growth and servicing of existing business. Overall operational energy usage has increased by 6%.”
- “Following the outbreak of the conflict in the Middle East on 28 February 2026, the Company is monitoring its potential exposures to this event, which could lead to policyholder claims across certain classes of business.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
3 active · 15 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| COWLING, Richard David | Director | 2022-04-26 | Dec 1982 | British |
| ROSS, Julian Graeme | Director | 2016-12-01 | Dec 1965 | British |
| WOOLLEY, Emma Louise | Director | 2025-05-08 | Jan 1979 | British |
Show 15 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| CLOUTING, Jane Sarah, Ms. | Secretary | 2001-11-14 | 2018-09-30 |
| GALLAGHER, Marie-Claire | Secretary | 2018-09-30 | 2024-04-03 |
| DWS SECRETARIES LIMITED | Corporate Nominee Secretary | 2001-07-23 | 2001-11-14 |
| ATKIN, Charles Neville Rupert | Director | 2001-11-14 | 2016-06-14 |
| BARTON, Catherine Elizabeth | Director | 2020-11-05 | 2021-08-31 |
| BILSBY, Peter Antony | Director | 2014-04-03 | 2019-02-01 |
| BONVARLET, Gilles Alex Maxime | Director | 2005-04-15 | 2009-04-09 |
| CARPENTER, Michael Edward Arscott | Director | 2001-11-14 | 2014-04-03 |
| CLOUTING, Jane Sarah, Ms. | Director | 2001-11-14 | 2018-09-30 |
| MORRIS, David Ernest | Director | 2020-09-16 | 2021-01-30 |
| RASH, Christopher John Roland | Director | 2021-05-10 | 2025-05-08 |
| SKINNER, James Edward | Director | 2018-11-21 | 2020-07-17 |
| SLADE, David Martin | Director | 2001-11-14 | 2002-02-08 |
| WACHMAN, Nigel David | Director | 2001-11-14 | 2020-09-16 |
| DWS DIRECTORS LIMITED | Corporate Nominee Director | 2001-07-23 | 2001-11-14 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| American International Group, Inc | Corporate entity | Shares 75–100% | 2018-07-18 | Active |
| Validus Holdings, Ltd. | Corporate entity | Shares 75–100% | 2016-04-06 | Ceased 2018-07-18 |
Filing timeline
Last 20 of 190 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-07-14 | AA | accounts | Accounts with accounts type full | |
| 2026-07-02 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-06-23 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-06-19 | AA | accounts | Accounts with accounts type full | |
| 2025-05-09 | AP01 | officers | Appoint person director company with name date | |
| 2025-05-09 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-01 | AA | accounts | Accounts with accounts type full | |
| 2024-07-22 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-05-23 | AD01 | address | Change registered office address company with date old address new address | |
| 2024-04-04 | TM02 | officers | Termination secretary company with name termination date | |
| 2023-10-05 | AA | accounts | Accounts with accounts type full | |
| 2023-08-01 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-09-28 | AA | accounts | Accounts with accounts type full | |
| 2022-08-24 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-05-03 | AP01 | officers | Appoint person director company with name date | |
| 2022-03-30 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2021-09-29 | AA | accounts | Accounts with accounts type full | |
| 2021-09-14 | TM01 | officers | Termination director company with name termination date | |
| 2021-08-05 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2021-05-20 | AP01 | officers | Appoint person director company with name date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 2
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.