We have received updated results and forecasts from ERS Syndicate Management Limited and Canopius Managing Agency Limited as follows:

ERS Syndicate 218

Year of account

Capacity
£000s

Result/Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2018

479,598

-2.3% loss

-6.5% to 3.5%

0.8 points worse

2019

479,575

0.0% to 10.0%

0.0% to 10.0%

unchanged

The syndicate achieved an overall profit of £33.6m and a combined ratio of 91.7% on a GAAP basis in the 2020 calendar year. Although premium fell below plan, the dramatic drop in vehicle use in the various lockdowns in the UK meant that claim frequencies were lower than anticipated.

Canopius Syndicate 4444

Year of account

Capacity
£000s

Result/Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2018

1,048,071

-5.2% loss

-9.8% to -2.3%

0.8 points better

2019

1,048,059

-5.6% to 1.9%

-4.0% to 3.5%

1.6 points worse

The combined ratio for the year to 31 December (all underwriting years combined) was 112%.

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

A summary of all results to date is attached here.