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.
Hiscox Syndicate 3624 made a loss of £45.4m in 2017, primarily driven by discontinued classes, plus a large loss on the product recall account and the impact of the hurricanes on the property account.
For 2018 the Syndicate said that it would focus on retail insurance sourced primarily from the Hiscox-owned service companies, in particular Hiscox Inc. in the US.
| 2017 £m | 2016 £m | % change | |
| Gross premiums written | 408.8 | 533.5 | (23) |
| Gross premiums earned | 494.3 | 478.3 | 3 |
| Net premiums earned | 411.0 | 381.7 | 8 |
| Total recognised profit for the year | (45.4) | 15.9 | (386) |
| Claims ratio (%) | 72 | 56 | 16 |
| Commission ratio (%) | 34 | 36 | (2) |
| Expense ratio (%) | 5 | 6 | (1) |
| Combined ratio (%) | 111 | 98 | 13 |
Marine aviation and transport
| GPW £000 | Profit/loss £000 | |
| For 2017 | 36,059 | (5,936) |
| For 2016 | 93.020 | (11,204) |