Syndicate results 2018 #37 Channel 2015

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.

Channel Syndicate 2015 (backed by French reinsurer Scor, Active Underwriter TRC Corfield) recorded a loss of £53.81m for 2018, compared with a loss of £46.9m in 2017.

Combined ratio126%127%

The syndicate noted that, following on from a series of large natcats in 2017, calendar year 2018 also experienced a high frequency of catastrophe losses. This led to a significant loss on the property portfolio for Syndicate 2015.

The Professional Liability Account also suffered a significant loss, “with additional information leading to increases in a number of large claims, together with further attritional deterioration, resulting in a significant strengthening of prior year reserves”.

Segmental analysis

2018 £000GWPGPEGCIGross op expReinsurance balTotal
Direct Marine7,7198,988(12,748)(4,282)4,518(3,524)
Total Direct267,758226,339(185,766)(91,120)3,942(46,605)


2017 £000GWPGPEGCIGross op expReinsurance balTotal
Direct Marine9,78710,336(9,460)(4,383)521(2,986)
Total Direct218,855209,289(207,036)(80,275)44,271(33,301)

**Please note that Syndicate 2015 publishes its pdf in image format rather than text, which means that the figures have to be copied over manually. As such, despite close checking, E&OE.