Syndicate results 2018 #41 Syndicate 2243 Starr (Closed)

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 2243 (Active Underwriter D Stewart) entered into a reinsurance to close (RITC) agreement into syndicate 2008, a syndicate managed by Shelbourne Syndicate Services Limited.

Effective January 1st 2015 syndicate 2008 assumed all assets and liabilities of the Syndicate, which underwrote general insurance and reinsurance in the UK and Continental Europe until December 31st 2012, when it ceased underwriting and entered into runoff. As at December 31st 2014 the 2012 year of account was reinsured to close into Syndicate 2008. As a consequence the Syndicate ceased as at this date. The Syndicate’s business was underwritten under a limited number of binding authority arrangements granted to Starr Underwriting Agents Ltd in London, and also to Torus Marketing Limited. SUAL is an FCA-regulated insurance intermediary and an approved Lloyd’s Coverholder. TIML is a subsidiary of Torus Insurance Holdings Ltd, an affiliate of Torus Corporate Capital Limited the capital provider to Syndicate 2243. Delegated authority was also given to a number of Starr offices in overseas territories to access local business not otherwise presented to Lloyd’s. SUAL and SMAL share a single management team.

TIML wrote Construction, Marine and Liability lines of business on behalf of Syndicate 2243 out of their London and European operations. The Syndicate’s capital and Funds at Lloyd’s are provided by TCCL, previously known as First Reserve Corporate Member Ltd and a subsidiary of TIHL. TCCL became ultimately owned by Enstar Group Ltd from 1 April 2014. Shelbourne is also a Subsidiary of Enstar.

Segmental analysis

2014 £000GWPGPEGross claimsNet op expReinsurance BalTotal
Direct MAT(4)883(30)(533)(579)(259)
Total Direct9193,672(990)(908)(1,521)253
Reinsurance2,9366,761(2,439)(1,667)(1,813)842
Total3,85510,433(3,429)(2,575)(3,334)1,095

 

2013 £000GWPGPEGross claimsNet op expReinsurance BalTotal
Direct MAT1,30211,410(5,340)(3,905)(1,329)836
Total Direct2,12117,131(8,238)(4,912)(2,555)1,426
Reinsurance6,55322,431(17,612)(5,179)2,3652,005
Total8,67439,562(25,850)(10,091)(190)3,431

https://www.lloyds.com/investor-relations/financial-performance/syndicate-reports-and-accounts/2009/03/2243_20090331