Syndicate results 2018 #46 Syndicate 2791 (MAP)

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.

MAP Syndicate 2791 (Active Underwriter R K Trubshaw) said that 2018 was “proving to be a re-run of 2017, with no obvious improvement in terms and conditions, the regulatory pressure will doubtless continue through 2019 and beyond. Given our track record, MAP should be a net beneficiary of this process, which is already causing considerable dislocation in the property insurance and marine markets.”

The Syndicate said that the market failed to move significantly following the poor experience of 2017. It said that, by “doubling down” so readily, capital providers effectively negated the opportunity to re-price business. “Consequently, it was very difficult for businesses like MAP, which rely on market dislocation to re-underwrite other people’s mistakes, to make any meaningful headway”, the syndicate said.

Catastrophe incidence was similarly elevated in 2018, with hurricanes Florence and Michael impacting the US, four significant loss events in Asia, and another set of Californian Wildfires. MAP said that “once again we have out-performed the market, (particularly in Japan and the Californian wildfires), and the back years contributed a positive return, sufficient to offset the pure year loss”.

Across all years of account the syndicate projected ultimate gross catastrophe losses of $56.5m, with a year-end incurred of $32.2m. Ultimate net losses were projected to be $50.3m, which represents more than 22pp on net earned premium

The investment return for 2018 was 0.9%, or £2.7m, down from 3.8% (£14.7m) in 2017. Net of investment expenses the return was 0.7%, or £1.8m, down from 3.3%, (£12.8m.) in 2017.

2018 £’000Gross Written PremiumNet Written PremiumNet Earned PremiumUnderwriting Profit/(Loss)


2017 £’000Gross Written PremiumNet Written PremiumNet Earned PremiumUnderwriting Profit/(Loss)