We have received a number of results and updated from managing agents.

Beazley Syndicates 623 and 6107

Beazley has advised that the 2016 account of Syndicate 623 has closed with a profit equivalent to 8.7% of capacity. The forecast profit was placed in a range between 0% and 10% of capacity in the previous forecast.

The result for the 2016 account of Syndicate 6107 is a profit of 33.3% of capacity. The forecast profit as at 30 September 2018 was a range between 20% and 40% of capacity.

Beazley has not released updates to the forecasts for the 2017 year of account of these two syndicates at this stage. Forecasts at 30 September were between a loss of 10% and a profit of 10% of capacity for syndicate 623 and for a loss in the range 5% to 35% of capacity in respect of syndicate 6107.

Beaufort Syndicate 318

 

Year of account

Capacity
£000s

Result/ Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2016

235,044

-10.4%

-14.3% to -9.3%

1.5 points better

2017

234,774

-41.6% to -36.6%

-38.0% to -33.0%

3.7 points worse

2018

235,044

No forecast at this stage

 

Charles Taylor (Standard Syndicate) 1884

 

Year of account

Capacity
£000s

Result/ Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2016

90,000

-40.1%

-35.0% to -25.0%

10.1 points worse

2017

99,985

-57.5% to -42.5%

-40.0% to -20.0%

20.0 points worse

2018

99,990

No forecast at this stage

This syndicate ceased trading at the end of 2018 and these results and forecasts therefore include the costs of running off the business to finality. The 2016 account has closed into the 2017 account and it is Charles Taylor Managing Agency Limited’s expectation that the 2017 account will close into the 2018 account at the end of this year. As 2018 is the final year of the syndicate, it will be necessary to find an external reinsurance to close transaction for the final year of account.

CTMA has also provided us with a copy of the run-off plan and advised that there will be cash calls due on the 2017 and 2018 years of account to coincide with the distribution of the 2016 account result. Both cash calls are for 10% of capacity. We will be writing to members of the syndicate with a commentary on developments at this syndicate shortly.

Coverys Syndicate 1991

 

Year of account

Capacity
£000s

Result/ Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2016

129,740

-6.5%

-6.3% to 3.7%

5.2 points worse

2017

126,750

-5.0% to 5.0%

0.0% to 10.0%

5.0 points worse

2018

126,750

No forecast at this stage

Catlin SPA 6111

 

Year of account

Capacity
£000s

Result/ Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2016

115,591

-8.5%

-6.5% to -1.5%

4.5 points worse

2017

23,919

-33.1% to -23.1%

-28.3% to -23.3%

2.2 points worse

2018

21,750

No forecast at this stage

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

A complete list of results and forecasts released to date is available here.