Coverys Syndicate 1991 has reported its result for the 2017 year of account and provided an updated forecast for the 2018 account as follows:

 

Year of account

Capacity
£000s

Result/ Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2017

126,750

-9.8%

-5.0% to 5.0%

9.8 points worse

2018

126,750

-1.9% to 8.2%

-2.7% to 7.3%

0.9 points better

The loss on the 2017 year of account is particularly disappointing as almost all of it is attributed to a shortfall on the closed years of account, with the deterioration emanating from an increase in the projected loss from Hurricane Irma as well as increases in estimated losses for some liability claims.

As always, results and forecasts are expressed as a percentage of capacity and are after all standard personal expenses but before members’ agents’ fees and charges.

The schedule of all results and updated forecasts received to date is available here.