Apollo Syndicate Management Limited has provided results and forecasts for Syndicate 1969 as follows:

 

Year of Account

Capacity
£000s

Result/
Revised Forecast Range

Previous Forecast
Range

Change at
Midpoint

2015

159,966

4.6% profit

1.5% to 6.5%

0.6 points better

2016

179,509

-20.0% to -10.0%

-20.0% to -5.0%

2.5 points worse

2017

210,000

No Forecast at this stage

 

The combined ratio for the syndicate’s 2017 calendar year under UK Generally Accepted Accounting Practice is 140% and the syndicate has recorded a calendar year loss of £64m, largely as a result of Hurricanes Harvey, Irma and Maria and the two Mexican earthquakes. Although there is no formal forecast for the 2017 account until the end of March, it is expected that the syndicate will make a loss for the year on an underwriting account basis. Apollo has advised that it will make cash calls on 2016 and 2017 years of account, due for payment in June.

All results and forecasts are expressed as percentage of allocated capacity and are after the deduction of all standard personal expenses other than members’ agents’ fees and charges.

A summary of all results and forecasts as at 31 December 2017 received to date is available here.