QBE Underwriting Limited has provided an update to the forecast for syndicate 386’s 2016 and 2017 years of account as at 30 September 2018 as follows:

 

year of account

Capacity
£000s

Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2016

352,164

3.6% to 8.6%

5.4% to 10.4%

1.8 points worse

2017

316,636

8.5% to 13.5%

5.2% to 10.2%

3.3 points better

QBE comments that the 2016 account has been impacted by adverse claims developments on the closed years, although this has been partially offset by an improvement in the forecast investment income. The 2017 account has improved given an increase in expected reinsurance recoverables.

As usual, syndicate forecasts are expressed as a percentage of syndicate capacity and are after all standard personal expenses other members’ agents’ fees and charges.