With the 2017 numbers for the Lloyd’s syndicates now in, IMN over the next few weeks will report on the marine numbers for those syndicates with a significant interest in this area.
The capacity for Navigators syndicate 1221 in 2017 was £275m, up from £255m the previous year.
Gross premiums written in 2017 reached £366.8m, up 7.91% year on year. The combined ratio rose to 106.01%, from 99.84% in 2016.
The loss for the calendar year 2017 was £7.8m, compared with a gain of £12.0m the previous year. The underwriting loss was £15.0m. compared with a gain of £0.9m in 2016.
Net operating expenses rose 9.18% year on year, attributed by navigators to “an increase in administration expenses, particularly increased Lloyd’s charges, as well as an increase in acquisition costs in line with increased income”.
Navigators called the syndicate underwriting results for 2017 “disappointing” (driven mainly by loss activity in the international property area and the impact of the three Atlantic hurricanes Harvey, Irma and Maria), but noted that the year saw “significant progress across a number of initiatives”.
Within marine (direct business) GWP for 2017 reached £50.56m, up from £40.43m in 2016. There was a profit of £11.27m, up from £7.67m.
Navigators said that “the market for our marine lines of business remained very competitive in 2017, with the results reflecting a continued focus on risk selection and underwriting discipline…”
Navigators said that “our strategy to expand our marine product lines into Continental Europe continued to see progress as the teams in Rotterdam and Milan grew their portfolios through their specialist expertise and service levels”.