Lloyds Syndicate Results 2017 (32): Allied World Managing Agency Syndicate 2232

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.

Last tear Fairfax Financial Holdings acquired Allied World Managing Agency Syndicate 2232’s parent Allied World Assurance Company Holdings, which then merged with Fairfax Switzerland GmbH. AWAC Holdings’ ultimate parent is Fairfax Financial Holdings Ltd.

Allied World Managing Agency Syndicate 2232 had GPW of £204.0m in 2017, up from £163.8m, generating a negative balance on the technical account of £98.77m, compared with a profit of £1.93m in 2016. The growth was driven by the Syndicate’s planned expansion through coverholder and binder partnerships.

The syndicate produced a negative underwriting result of minus £56.8m in 2017, down from a profit of £44.4m in 2016 – with the deterioration mainly a result of hurricanes Harvey, Irma and Maria (£63.0m), and £26.0m of prior-year strengthening.

London (including Miami and Bermuda) Marine GPW was £18.94m, with a loss of £5.33m, compared with £11.39m GPW in 2016 which produced a gain of £3.62m.

Singapore Marine had GPW of £1.01m, generating a loss of £62,000. This compared with Singapore Marine GPW of £940,000 in 2016, which generated a profit of £83,000.

Syndicate 2232 does not have a marine segment listed in its Direct Insurance GPW.

https://www.lloyds.com/investor relations/financial performance/syndicate reports and accounts/2015/2232