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.
Aspen syndicate 4711, active underwriter E Beckwith, finished 2017 with a loss of £15.5m, compared with a profit of £6.7m the previous year. GWP decreased to £396.6m, from £404.5m in 2016. The Syndicate said that Upstream Energy continued to suffer from both adverse market conditions and a challenging rating environment.
For Marine, Aviation & Energy Insurance, GWP decreased to £177.1m in 2017, from £217m in 2016, attributed by the Syndicate to depressed oil prices and unfavourable market conditions caused by excess capacity. Losses from the three major Atlantic hurricanes Harvey, Irma and Maria impacted the Marine Hull yacht business “significantly”, but this was offset by increased prior year reinsurance recoveries from Upstream Energy. The segment as a whole reported a small profit.
Total direct insurance GWP was £225.4m, up from £222.0m the previous year. Direct loss of £13.90m in 2017 compared with a gain of £4.43m in 2016.
MAT direct GWP in 2017 was £42.87m, generating a loss of £1.96m. MAT direct GWP in 2016 was £46.9m, generating a loss of £0.37m.