QBE Underwriting Limited has advised us of the results and updated forecasts for Syndicate 386 as follows:

 

Year of
account

Capacity
£000s

Result/Revised
forecast range

Previous Forecast
Range

Change at
Midpoint

2014

413,000

14.7% profit

5.8% to 10.8%

6.4 points better

2015

352,110

1.1% to 6.1%

-2.1% to 2.9%

3.2 points better

2016

352,529

No forecast at this stage

 

 

The announcement of the result was delayed to allow for a re-evaluation of reserving levels following the Lord Chancellor’s announcement of a lower discount rate to be used by courts in setting compensation levels for long term bodily injury claims. Nonetheless, the 2014 result is much better than the previous forecast, largely in consequence of better experience than projected on the closed years of account. The 2015 account has also benefitted from a lower than anticipated claims’ experience.

This result completes the results and forecasts for all syndicates supported by third party capital in 2014 and 2015 and the full set of results and forecasts can be found here.

Syndicate 386 was also the last syndicate to report in MAPA 7009 which has final results and forecast as follows:

 

Year of
account

Capacity
£000s

Result/Revised
forecast range

Previous Forecast
Range

Change at
Midpoint

2014

75,258

15.00%

7.72% to 14.28%

4.00 points better

2015

56,462

2.42% to 9.30%

2.58% to 9.46%

0.16 points better

All MAPA syndicates have closed their 2014 accounts as at 31 December 2016

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

Lloyd’s will announce its global results for the year to the end of 2016 on Thursday 30 March.