Syndicate Results 2018 #2: Syndicate 510 – Tokio Marine Kiln

The Lloyd’s syndicates have now published their results and, in some cases, added detail and an outlook for 2019. As last year, IMN is summarizing the results from all syndicates that have a marine interest which have provided some information on the marine side. 2016 (now closed) Paul Culham, Group Chief Underwriting Officer at Tokio…

Swedish Club reports “robust underwriting performance” in 2018, net loss of $5.2m

The Swedish Club reported at its Q1 2019 board meeting that it had continued to deliver a robust underwriting performance and preserve strong capital adequacy in 2018, amid what it described as “challenging market conditions”. The combined ratio for the year was 99%. Investment was termed to have been “very volatile”. The fall of equity…

Syndicate 33 – Hiscox Syndicates Ltd: Results and outlook 2019

The Lloyd’s syndicates have now published their results and, in some cases, added detail and an outlook for 2019. Some have stuck to the bare bones. As last year, IMN is summarizing the results from all syndicates that have a marine interest which have provided some information on the marine side. Where syndicates have chosen…

Lloyd’s aggregated results will not be a pretty story, warns Neal

Lloyd’s CEO John Neal told attendees at the Marine Insurance London conference on Friday March 22nd that the aggregated results that Lloyd’s would be presenting this Wednesday March 27th would not be a pretty story. “But I think we have the beginnings of an understanding of how that can improve”. Five or six years ago…

Charles Taylor reports “strong year” for Signal, but CT managing agency under review

Claims servicer, insurance manager and insurance technology business Charles Taylor has said that Signal Mutual, the largest provider of longshore workers’ compensation insurance to the US maritime industry, which Charles Taylor has managed since Signal was founded in 1986, had “a very strong year”. Charles Taylor said that Signal enjoyed a very successful 2018/19 renewal…

West of England reports tonnage growth at renewals

West of England Club has announced “a positive renewal period with continued support being seen from new and existing Members and a modest increase in renewing premium”. The Club was the only Group Club to say that a small increase in premium was necessary for the 2019/20 policy year. Owned mutual tonnage grew over the…

Beazley Ireland Holdings reports improved rating environment in marine

Beazley Ireland Holdings has reported gross premiums written up 12% year on year to $2,615.3m (2017: $2,343.8m). However, profit before income tax declined by 55% to $78.0m (2017: $171.5m) due to a decline in investment returns. The combined ratio for 2018 was 98% (2017: 99%) having been affected by severe natural catastrophe claims for the…

Hiscox refocusing on lead positions in marine

In its report on 2018 numbers, insurer Hiscox said that “the discipline and careful underwriting of our marine and energy team has driven an outstanding performance in these lines, helped too by a low loss experience”. It said that in cargo it was refocusing the portfolio to reduce its overall exposure, and in order that…

Hedge funds beginning to take a liking to shipping debt

An increasing number of hedge funds have been moving into shipping debt, as banks cut their exposure to the sector, Reuters reports. Trade war worries and cost pressures have been dampening prospects for a proper recovery in many segments of the shipping sector, and European banks, particularly German lenders, have been trying to sell distressed…