Beaufort Underwriting Agency has announced the result for the 2011 account and updated its forecast for the 2012 account as follows:

 

 

Year of Account

Result/Forecast at 31 Dec 2013

Forecast Range at 30 Sept 2013

Change in midpoint

2011

+9.3%

+5.3% to +10.3%

+1.5%

2012

+2.5% to +7.5%

+1.0% to +6.0%

+1.5%

 

Beaufort states that the 2011 year saw a number of notable catastrophe events including earthquakes in Japan and New Zealand and floods affecting Thailand, as well as a series of Tornadoes and Hurricane Irene affecting the USA.  Superstorm Sandy also generated some losses on the 2011 year of account. The aviation account has produced a good profit despite a falling income base as a consequence of the increased competition seen.  Gross capacity utilisation was 56.7%. The favourable development of reserves held in respect of the 2010 and prior years has contributed some £9m to the pure year result.

 

The development of the 2012 year of account continues broadly in line with expectations, with only a small deterioration seen in the overall projection for losses arising from Superstorm Sandy.  In addition, an increase in the frequency of large aviation losses impacting the Syndicate’s account has been seen.