QBE Underwriting Limited has provided the result of the 2018 account of syndicate 386 and updated the forecast for the 2019 account as follows:

Year of account

Capacity
£000s

Result/Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2018

316,602

-1.0% loss

-5.1% to -0.1%

1.6 points better

2019

316,550

8.9% to 13.9%

4.2% to 9.2%

4.8 points better

The improvement on the 2019 account is attributed to the improving rate environment as well as the benefit of remedial actions taken in the professional indemnity portfolio.

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

A summary of all results and forecasts available to date is available here.