Canopius has released results and updated forecasts for syndicates 260 and 958.

Syndicate 260

Year of account Result/Forecast as at 31.12.12 Forecast as at 30.09.12
2008 42.5% loss 39.0 to 44.1% loss
2009 34.5% loss 23.9% to 38.0% loss
2010 18.9% loss 17.3% to 22.3% loss
2011 5.8% loss (midpoint) 4.3% to 9.3% loss

The 2008, 2009 and 2010 years of account will close into the 2011 year of account by way of reinsurance.

Syndicate 958

Year of account Result/Forecast as at 31.12.12 Forecast as at 30.09.12
2010 15.1% loss 12.2% to 17.2% loss
2011 11.9% loss (midpoint) 8.7% to 13.7% loss

The 2010 & prior years of account result shows a small deterioration (£1.6m) from the forecast at Q3. This was caused by reserve deterioration (partially offset by a reduced prudential margin), increase in ULAE provisions and the impact of the invocation of the special termination provisions on the syndicate’s stop loss contract. The 2011 year of account forecast loss has increased by around £2m, being driven by the same factors.