Managing Agency Partners Limited has advised us of updated forecasts as well as making an initial forecast for the 2012 years of account for both its managed syndicates. It is encouraging that there is improvement in both the 2011 forecasts and that the initial forecasts for 2012 are profitable.

2011 Year of Account forecast result at 27 months

The forecast results for the 2011 Year of Account after deduction of all standard personal expenses but before members’ agency fees are:

Syndicate 2791: A profit of between 9% and 14% of allocated capacity (previously 7% to 12%).

Syndicate 6103: A profit of between 16% and 23.5% of allocated capacity (previously 12.5% to 22.5%).

2012 Year of Account forecast result at 15 months

The forecast results for the 2012 Year of Account after deduction of all standard personal expenses but before members’ agency fees are:

Syndicate 2791: A profit of between 0% and 10% of allocated capacity.

Syndicate 6103: A profit of between 10% and 20% of allocated capacity.

MAP warns that the 2012 Year of Account is at an early stage of development and there remain a number of material uncertainties that may affect the ultimate result.

These forecasts have applied an exchange rate of US$1.52:£1. Although the syndicates distribute profits in the original currency, fluctuations in the exchange rate will influence the reported results.