Syndicate results 2018 #25 Skuld (Asta Managing Agency) syndicate 1897

The Lloyd’s syndicates have now published their results and, in some cases, added detail and an outlook for 2019. As last year, IMN is summarizing the results from all syndicates that have a marine interest which have provided some information on the marine side.

Active Underwriter M W Bennett Resigned on March 8th 2019. G S Thomas was appointed Active Underwriter on March 8th 2019.

Following the Syndicate planning process for 2019 and the continuing difficult market conditions the decision was made to discontinue writing Syndicate 1897’s Marine book through Lloyds.

Skuld will maintain a London presence and write its hull and offshore energy classes of business through a UK branch of its parent company Skuld Assuranceforeningen.

The Syndicate will cease writing business on July 1st 2019 and enter into a voluntary run off; all outstanding polices will continue to be handled in-house to ensure continuity of service to policyholders.

Subsequent to the balance sheet date, the 2016 underwriting year loss of £18.5m ($23.5m) has been called as a consequence of this year closing. Of this, £7.9m ($10.0m) was received during 2018 as a result of an early cash call on members. The remaining £10.7m ($13.6m) will be collected in USD during 2019.

The total recognized result for calendar year 2018 was a loss of £21.53m (2017: loss of £9.25m).

The 2018 year saw the discontinuation of a property portfolio which had a quota share reinsurance with the Syndicate’s Special Purpose Arrangement 6126 (2017: 85.5%).

Gross written premium income by class of business for calendar year:

Builders / Special Risks1,383332
Energy Upstream Onshore7,2798,493
HE – Treaty287931
Increased Value1,5942,188
Loss of Hire1,7622,334
Marine Hull22,65624,171
Marine Liability8,15110,646
Marine War Risks1,4081,690
Non Marine Liability7847,292
OEGW Offshore Energy GOM(59)(6)
Offshore Energy Excluding GOM Wind9,28510,043
Political Risks102131
Ports and Terminals1,6762,073
Property Binders1,10817,337
Property D&F1,06432,661
Property Treaty84110,185


Gross written premiums67,924138,037(50.8%)
Loss for the financial year(15,402)(13,161)(17.0%)
Total comprehensive loss(21,529)(9,251)(132.7%)
Combined ratio121.5%117.0%(4.5pp)


 2016 YOA Closed2017 YOA Open2018 YOA Open
Capacity (£’000)130,000147,00065,000
Result/forecast (£’000)(18,542)(14,756)(6,853)
Return on capacity(14.26%)(10.04%)(10.54%)


2018 £’000Gross written premiumsGross premium earnedGross claims incurredGross operating expensesReinsurance balanceTotal
Direct Marine aviation and transport47,48651,627(52,444)(19,744)6,113(14,448)


2017 £’000Gross written premiumsGross premium earnedGross claims incurredGross operating expensesReinsurance balanceTotal
Direct Marine aviation and transport55,70259,477(47,069)(18,847)734(5,705)