Lloyd’s syndicates marine results (8): Talbot Underwriting syndicate 1183

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.

Talbot Underwriting syndicate 1183 reported GWP in marine of $226.8m for 2017, down from $246.0m in 2016 (and from $366.1m in 2014). Total GWP for 2017 was $921.1m, down from $970.7m the previous year.

The decrease in marine premium was primarily in the hull and cargo classes. The company said that “the syndicate’s underwriting strategy is to write for profit rather than premium income”.

In direct business marine GWP was $52.7m (for a loss of $6.2m) compared with GWP of $62.1m in 2016 (for a loss of $16.1m). Energy (marine) GWP fell to $34.7m from $41.7m in 2016, with a loss of $9.2m in 2017 comparing with a gain of $20.4m in 2016.

The movement in provisions in marine was upwards, to $46.3m, from $8.2m.