Syndicate Results 2019 #31, Syndicate 4711, Aspen

Active Underwriter S Stanford

The Lloyd’s syndicates have now published their results and, in some cases, added detail and an outlook for 2020. As in the past two years, IMN is summarizing the results from all syndicates that have a marine interest which have provided some information on the marine side.

Overall premium for the year at Syndicate 4711 decreased to £379.4m, from £387.8m the previous year. The loss for the financial year was £57.4m, “reflecting the challenging market conditions currently being faced and higher than expected prior year losses, predominantly in marine and energy liability. The combined ratio was 138.8%.

In 2018 Aspen decided to stop writing marine hull, cargo, aviation and professional indemnity. Because of the deterioration in marine and energy liability Aspen ceased to underwrite this line of business in February 2020.

KPIs £000s 2019 2018
GWP 379,371 387,768
Reinsurance ceded (2017,889) (208,698)
NWP 171,482 179,070
Net claims paid (131,850) (125,363)
Bal on tech a/c (52,544) (21,146)
Loss for financial year (57,398) (25,018)
After FX (54,403) (28,506)

Sectors

2019 £000s GWP Gross premiums earned Gross claims incurred Gross op exps Reins balance Total
Direct MAT 12,048 21,336 (25,935) (4,153) (30,587) (39,339)
Total Direct 220,646 220,750 (207,541) (76,057) 3,580 (59,268)
Reinsurance 158,725 145,049 (109,218) (54,712) 18,867 (14)
Total 379,371 365,799 (316,759) (130,769) 22,447 (59,282)
2018 £000s GWP Gross premiums earned Gross claims incurred Gross op exps Reins balance Total
Direct MAT 31,964 42,558 (39,489) (11,423) 5,883 (2,471)
Total Direct 238,622 236,442 (204,515) (85,274) 23,230 (30,117)
Reinsurance 149,146 172,948 (117,679 (53,298) 6,540 8,511
Total 387,768 409,390 (322,194) (138,572) 29,770 (21,606)

https://www.lloyds.com/investor-relations/financial-performance/syndicate-reports-and-accounts/2009/03/4711