Syndicate Results 2018 #5 Syndicate 457 – Munich Re Syndicate Ltd

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.

Munich Re Syndicate Ltd (Syndicate 457) booked a profit of £35m for 2018, compared with a gain of £44m in 2017.

The syndicate’s principal activity is general insurance and reinsurance focusing on Marine, Energy and Specialty.

 20182017
GWP£523m£423m
Combined ratio92%88%
MAT % of business47%49%
Reinsurance % of business35%35%

Munich Re said that there remained “considerable uncertainty with the consequences of executing Article 50 … but as a result of the contingency arrangements put in place the Board is confident that Syndicate 457’s future performance should not be materially impacted by Brexit”.

Syndicate capacity was unchanged at £425m for 2019. All of the syndicate’s capital is provided by Munich Re Capital Ltd.

2018 (£000)GWPGPEGross claimsGross operating expensesReinsurance BalanceTotal
Direct MAT243,884237,480(73,812)(88,590)(49,985)25,093
Reinsurance184,623164,944(83,812)(54,034)(4,455)22,643
Total523,224484,947(215,150)(173,711)(64,593)31,493

 

2017 (£000)GWPGPEGross claimsGross operating expensesReinsurance BalanceTotal
Direct MAT207120223314(103886)(88127)(8293)23008
Reinsurance149171148012(79491)(51663)407920937
Total423450431977(221037)(163836)(7776)39328

https://www.lloyds.com/investor-relations/financial-performance/syndicate-reports-and-accounts/2006/06/0457