Lloyd’s Syndicate Results 2017 (24): MS Amlin syndicate 2001

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.
MS Amlin syndicate 2001 is, through intermediate holding companies, a wholly aligned Syndicate of MS Amlin plc. The ultimate parent company is MS&AD insurance Group Holdings, Inc.
The capacity for 2017 was £1.4bn GWP for syndicate 2001 was £2.08bn in 2017, up from £1.83bn the previous year, an increase of 13 7% that was primarily driven by the acceptance of business formerly written by Syndicate 3210.
The combined ratio rose to 137%, from 103% the year before. This equated to a loss of £499.1m, up from a loss of £35.1m the previous year. The balance on the technical account was minus £562.4m, compared with a loss of £80.0m in 2016.
The claims ratio deteriorated to 99% from 54%, primarily as a result of significant catastrophe activity from Hurricanes Harvey, Irma and Maria, the Mexican earthquake and the California wildfires, and a high volume of larger losses, partly offset by reserve releases of £22m. reflecting a net improvement to previously booked large losses.
Marine and aviation GWP was £435.0m in 2017, up from £356.0m in 2016. The combined ratio rose to 130%, from 110% in 2016.
Marine and aviation’s increase was driven by the inclusion of business formerly written by Syndicate 3210.