Update to Syndicate Forecasts as at 31 March 2017
Catlin Underwriting Agency Limited has confirmed that the figures reported by Lloyd’s yesterday were inaccurate and that the forecast result for Syndicate 6111’s 2015 account should have been reported as a midpoint profit of 10.53% of capacity. This represents a negative movement of 1.12 percentage points from the forecast as reported at 31 December 2016 and not a deterioration of 9.1% as indicated yesterday.
Catlin has also said that the current midcase expectation for the 2016 account is +4.8% of capacity, which is unchanged from the position given at the previous quarter. The year is still immature, so the range of -5% to +10% is appropriate, although is not cast around the midpoint expectation.