The Lloyd’s syndicates have now published their results for 2023 and, in some cases, added detail and an outlook for 2024. Some have stuck to the bare bones. As in the previous few years, IMN is summarizing the results from all syndicates that have a notable marine interest, if they have provided some information on the marine side.
Run-Off Manager Dominick Hoare
Munich Re Innovation Syndicate 1840 was established on January 1st 2020 as what was described as the first Syndicate in a Box (‘SiaB’) at Lloyd’s dedicated to the design, launch and incubation of innovative insurance products. The Syndicate wrote no standard lines of business which could already be sourced, underwritten or distributed through existing channels. It focuses on emerging risks, products associated with supporting the development of green energy solutions, and mitigating the financial impact of extreme weather events.
The Syndicate was placed into run-off on December 31st 2022
| 2023 | 2022 | |
| Gross Written Premium | £1.3m | £3.7m |
| Profit/(Loss) for the financial year | £0.2m | £(0.5)m |
| Combined Ratio | 88.4% | 127.8% |
The focus on innovative insurance products and distribution methods remained in 2022 and renewals of key accounts were written on the main Munich Re Syndicate 457 from the 2023 underwriting year.
Segmental Information
| 2023 £000s | GWP | GPE | GCI | GOE | Reins Bal | Total |
| Direct MAT and Energy | 6 | (11) | – | 5 | – | |
| Total | 1,323 | 3,111 | (1,145) | (1,173) | (617) | 176 |
No MAT or Energy was written in 2022.
The run-off manager (2022: active underwriting officer) received the following remuneration charged as a Syndicate expense:
| £000 | 2023 | 2022 |
| Emoluments | 25 | 205 |
| Contributions to pension scheme | – | 11 |
| Total | 25 | 216 |
https://assets.lloyds.com/media/5024c4bc-4ea8-444e-a04a-b3eb95ca6d38/SRA1840a.pdf