Syndicate results 2018 #29 WR Berkley Syndicate 1967

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.

Syndicate 1967 (Active Underwriter Miriam Goddard) said that it had taken action to cease underwriting in non-performing classes where it did not believe that a sustainable cross cycle return was achievable. In July 2018 the Syndicate exited Aviation and in 2017 the Syndicate exited Marine. Both classes are now in run-off.

Financial year2018201720162015201420132012
Gross premium written ($m)254.5222.4229.4213.2246.7211.8183.9
Net premium written ($m)162.5129.6180.9181.4207.9182.4155.8
Net premium earned ($m)155.7138.1175.5192.1188.8171.9141.5
Net claims ratio (%)66.598.071.956.053.454.860.6
Acquisition expense ratio(%)21.929.728.225.627.124.528.0
Admin expense ratio (%)21.923.217.514.213.314.114.8
Net combined ratio (%)110.3150.9117.695.893.893.4103.4
Cash and investments ($m)112.9105.6132.1141.6144.1105.990.0
(Loss)/ profit for financial year ($m)(16.4)(69.8)(26.6)8.910.910.6(2.8)

Gross premium written increased by 14.4%, largely as a result of an increase across Short Tail classes of 20.2%. This was partly offset by decreases from classes now in runoff; Aviation and Marine. Net claims ratio was significantly improved, compared to previous years, impacted by a significant reduction in cat losses. The net expense ratio of 43.8% has improved over the past few years driven by a reduction in operating expenses and commissions.

 

$’000201820172016
Gross premium written254,500222,360229,447
Loss for the financial year(16,440)(69,836)(26,649)
Net Claims ratio66.5%98.0%71.9%
Net Expense ratio43.8%52.9%45.7%
Net Combined ratio110.3%150.9%117.6%
Run-off (Aviation & Marine)8,32232,98350,056

 

$000 2017GPWGPEGross claims incurredGross operating expensesReinsurance BalanceTotal
Direct Marine6,33611,940(19,391)(4,114)2,487(9,078)
Total Direct166,570162,787(140,663)(47,053)(18,645)(43,573)
Reinsurance Business55,79055,346(62,657)(16,605)(2,838)(26,754)
Total222,360218,133(203,320)(63,658)(21,483)(70,327)

https://www.lloyds.com/investor-relations/financial-performance/syndicate-reports-and-accounts/2013/1967