Revised result for Syndicate 6111
Catlin Underwriting Agencies Limited has advised us of a change to the final result for Syndicate 6111 following the change in the discount rate used to settle lump sum compensation for bodily injury claims in the UK. The declared result for the 2014 account is reduced to a profit of 7.77% of capacity, from a previously advised profit of 8.13% of capacity. The forecast as at 30 September 2016 was for a profit in the range 10.15% to 15.15% of capacity so the result is 4.88 points worse than the midpoint of that range.
There is no change to the forecast for the 2015 account which remains at 9.15% to 14.15% compared to a forecast given at the end of September 2016 for a profit in the range 7.18% to 12.18% of capacity; an improvement of 1.97 percentage points.
The preliminary forecast for the 2016 account is a profit of 4.8% of capacity. A formal forecast will be made at the end of the next quarter and released in May.
All results and forecasts are expressed as a percentage of capacity and are given after all standard personal expenses other than members’ agents’ fees and charges.
The final set of results is available here. We have received results and forecasts for all syndicates supported by third party capital although we will not receive figures for the wholly aligned syndicates and the market in aggregate until Lloyd’s releases the global results for the market for the year to 31 December 2016 on Thursday next week (30 March).