Managing Agency Partners Limited is the first managing agent to provide us with results for the closed 2019 year of account and updated forecasts for the 2020 year. As is customary, the first to report is a good one.

Results and updated forecasts for MAP syndicates are as follows

Syndicate 2791

Year of account

Capacity
£000s

Result/Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2019

399,607

7.4% profit

0.0% to 5.0%

4.9 points better

2020

399,855

-5.0% to 2.5%

-5.0% to 2.5%

unchanged

MAP adds that the 2019 year has benefited from a release from closed years of £18.5m; the overall profit for the year is £29.4m. The combined ratio for the 2021 calendar year under UK GAAP is 93.0%.

Profits arising in US dollars will be distributed in original currency; the managing agent does not undertake any currency hedging.

SPA 6103

Year of account

Capacity
£000s

Result/Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2019

47,548

23.8% profit

20.0% to 27.5%

0.1 points better

2020

49,863

-15.0% to -5.0%

-15.0% to -5.0%

unchanged

A forecast for the 2021 years of both syndicates will be released following assessment of the position as at 31 March 2021.

Results and forecasts are expressed as a percentage of syndicate capacity and are after the deduction of all standard personal expenses, but before members’ agents’ fees.