QBE Underwriting Limited has provided us with an update to the forecast for the 2020 year of account and a preliminary forecast for the 2021 year of account of Syndicate 386 .

These are as follows:

Year of account

Capacity
£000s

Result/Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2020

316,545

8.1% to 13.1%

12.5% to 17.5%

4.4 points worse

2021

332,887

11.4% to 16.4%

n/a

n/a

The movement on the 2020 year arises in consequence of mark to market movements on the syndicate’s fixed interest bond portfolio, with the managing agent now forecasting an overall investment loss on the year of account.

Forecast results are expressed as a percentage of allocated capacity and are after all standard personal expenses but before members’ agents’ charges.