Argenta Syndicate Management Limited is pleased to announce that the result for the 2012 year of account of Syndicate 2121, after deduction of all standard personal expenses but before members' agents' fees, is a profit of £27.0 million. This is equivalent to 13.5% of allocated capacity. The result includes a release from reserves retained for previous years of account of £2.2 million.
The forecast result for the 2013 year of account, after the deduction of all standard personal expenses but before members' agents' fees, is a profit of between 6% and 12% of allocated capacity. The previous forecast was for a profit of between 4.5% and 12%.
A forecast for the 2014 year of account will be issued after an assessment of the position as at 31st March 2015.
The result for the 2014 calendar year using the annual basis of accounting in accordance with UK Generally Accepted Accounting Principles (GAAP) is £33.5m with a combined ratio of 82.6%. This compares to a 2013 GAAP result of £27.5m and a combined ratio of 87.4%.