Lloyd’s Syndicate Results 2017 (52): Endurance at Lloyd’s (Sompo Intl) Syndicate 5151

With the 2017 numbers for the Lloyd’s syndicates now in, IMN has been reporting on the marine numbers for those syndicates with a significant interest in this area. Syndicate 5151 is the final syndicate in the list as the higher numbers are special purpose arrangements/special purpose syndicates, which will already have been covered.

On March 28th 2017 Sompo Holdings bought Endurance Specialty.

Syndicate 5151 recorded GWP of £318.7m in 2017, up from £235.6m the previous year. Net premiums rose to £148.5m, from £103.5m. The underwriting result was a loss of £37.5m in 2017, compared with a loss of £2.6m in 2016. The combined ratio in 2017 was 130.8%, up from 102.2% in 2016. The net loss for 2017 was £33.5m (2016: £0.0m). The syndicate said that the increased claims ratio was a result of the three major Atlantic hurricanes Harvey, Irma and Maria, the California wildfires and the Mexican earthquake.

There was a positive claim development of £17.3m in 2017, following a positive development of £24.7m in 2016.

Segmentally, direct marine GWP was £16.0m in 2017, down from £27.52m in 2016. The 2017 premiums generated a gain of £1.42m, compared with a loss of £1.92m the previous year. Total direct insurance premiums in 2017 were £221.8m, generating a loss of £35.50m. For 2016 total direct insurance premiums were £201.61m, generating a loss of £13.46m.