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.
Asta managing Agency 1897, formerly Randall & Quilter agency writes predominately marine and energy insurance, primarily in the UK.
The 2017 year saw the continuation of a property portfolio which is subject to an 85.5% (2016: 90%) quota share reinsurance with the Syndicate’s Special Purpose Arrangement 6126 .
| Year | 2017 £’000 | 2016 £’000 |
| Builders / Special Risks | 332 | 2,212 |
| Cargo | 5,431 | 10,294 |
| Energy Upstream Onshore | 8,493 | 7,639 |
| HE – Treaty | 931 | 899 |
| Increased Value | 2,188 | 1,724 |
| Loss of Hire | 2,334 | 8,185 |
| Marine Hull | 24,171 | 25,296 |
| Marine Liability | 10,646 | 9,260 |
| Marine War Risks | 1,690 | 1,187 |
| Non Marine Liability | 7,292 | 4,431 |
| OEGW Offshore Energy GOM | (6) | 18 |
| Offshore Energy Excluding GOM Wind | 10,043 | 5,196 |
| Political Risks | 131 | 111 |
| Ports and Terminals | 2,073 | 5,200 |
| Property Binders | 17,337 | 6,350 |
| Property D&F | 32,661 | 22,742 |
| Property Treaty | 10,185 | 639 |
| Speciality | 514 | 0 |
| Yachts | 1,591 | 2,016 |
| Total | 138,037 | 113,399 |
| 2017 | Gross written premiums | Gross premium earned | Gross claims incurred | Gross operating expenses | Reinsurance balance | Total |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Direct insurance | ||||||
| Marine aviation and transport | 55,702 | 59,477 | (47,069) | (18,847) | 734 | (5,705) |
| Fire and other damage to property | 35,972 | 25,904 | (52,095) | (7,413) | 26,169 | (7,435) |
| Third-party liability | 6,891 | 5,631 | (2,025) | (1,437) | 40 | 2,209 |
| Pecuniary loss | 14 | 16 | (6) | (2) | 1 | 9 |
| Other | – | – | (190) | – | 171 | (19) |
| Total Direct | 98,579 | 91,028 | (101,385) | (27,699) | 27,115 | (10,941) |
| Reinsurance | 39,458 | 38,816 | (42,270) | (10,008) | 9,736 | (3,726) |
| Total | 138,037 | 129,844 | (143,655) | (37,707) | 36,851 | (14,667) |
| 2016 | Gross written premiums | Gross premium earned | Gross claims incurred | Gross operating expenses | Reinsurance balance | Total |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Direct insurance | ||||||
| Marine aviation and transport | 59,786 | 63,792 | (55,150) | (22,270) | (1,783) | (15,411) |
| Fire and other damage to property | 19,841 | 12,934 | (16,154) | (3,857) | 2,422 | (4,655) |
| Third-party liability | 3,607 | 2,200 | (853) | (740) | (225) | 382 |
| Pecuniary loss | (2) | 10 | (3) | (7) | (1) | (1) |
| Total Direct | 83,232 | 78,936 | (72,160) | (26,874) | 413 | (19,685) |
| Reinsurance | 30,167 | 22,961 | (14,053) | (7,557) | (3,432) | (2,081) |
| Grand Total | 113,399 | 101,897 | (86,213) | (34,431) | (3,019) | (21,766) |
In 2017, there was an overall deficit of £4.9m on prior year reserves (2016: deficit of £2.3m). The deficit was primarily driven by premium reductions and reserve increases on the marine and energy classes of business.
The total recognised income for calendar year 2017 was a loss of £9.3m (2016: loss of £20.5m)