Catlin Underwriting Agency Limited has provided us with the result of the 2018 year of SPA 6111. This was the final year of this special purpose syndicate which wrote a whole account quota share of Syndicate 2003. The result is a loss of £5.8m at a combined ratio of 129%. All elements of the result have worsened in the final quarter, with a larger prior year deficit, worse attritional and catastrophe loss ratios (including an increased provision for the Covid-19 pandemic related losses) and a lower than projected investment return.

The summary result is as follows


Year of account



Previous Forecast

Change at



-26.0% loss

-24.3% to -14.3%

6.8 points worse

The syndicate result is expressed as a percentage of syndicate capacity and is after all standard personal expenses but before members’ agents’ fees and charges.

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