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.
Chaucer syndicate 1084 reported GWP of £78.2m in marine, aviation & transport (MAT) for 2017, up from £62.3m in 2016. Gross claims for 2017 were £69.7m, while gross operating expenses were £38.7m. This compared with £52.7m in gross claims and £28.9m for expenses in 2016.
The total (after reinsurance adjustment) was a loss of £27.3m for 2017, compared with a loss of £20.3m in 2016.
The syndicate as a whole booked GWP of £950.3m in 2017, up from £780.9m in 2016 (£45m due to decline in the value of sterling relative to US and Canadian dollar), with net earned premiums rising to £643.4m from £572.5m. The combined ratio rose to 105.6% from 89.6%.