Syndicate results 2019 #15 Syndicate 1225 AEGIS

The Lloyd’s syndicates have now published their results and, in some cases, added detail and an outlook for 2020. 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.

Aegis Syndicate 1225 is, through intermediate holding companies, a wholly aligned Syndicate of AEGIS, incorporated in Bermuda.

£m 2019 2018 2017 2016 2015
GWP 653.2 555.2 462.2 376.7 333.0
Underwriting profit 15.2 22.2 2.1 27.0 64.6
Investment return 20.9 6.1 7.9 9.1 (4.4)
FX Gain/loss (5.0) 0.8 (5.9) 23.5 6.1
Total income 31.1 29.1 4.1 59.6 66.3
Combined Ratio 96.8% 94.4% 99.4% 91.0% 77.2%

The syndicate’s approved underwriting capacity for 2020 rose to £539m, from £457m in 2019. Brexit has had “little impact” on the planned GWP for 2020. The 2020 Syndicate Business Forecast has about 14% (2019: 10%) of business being written within the EEA and through the Europe distribution channel.

A significant proportion of Syndicate 1225’s underwriting is sourced in North America.

Segmental Analysis

2019 £m GPW GPE Claims Net op exps Reins. Bal.
MAT 70.8 74.0 (61.2) (20.2) (0.9)
Direct Total 493.6 471.3 (282.9) (141.2) (31.9)
Reinsurance inward 159.6 136.3 (81.4) (45.7) (9.3)
Grand Total 653.2 607.6 (364.3) (186.9) (41.2)
2018 £m GPW GPE Claims Net op exps Reins. Bal.
MAT 80.3 73.1 (51.7) (23.5) (3.3)
Direct Total 452.3 391.7 (217.6) (142.4) (31.9)
Reinsurance inward 102.9 110.8 (58.7) (30.1) (9.7)
Grand Total 555.2 502.5 (276.3) (172.5) (41.6)

https://www.lloyds.com/investor-relations/financial-performance/syndicate-reports-and-accounts/2006/06/1225