Syndicate Results 2019 #34 Syndicate 3624 Hiscox

Active underwriter J R Musselle

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.

Syndicate 3624 in calendar year 2019 booked a loss of $27.2m (2018: profit of $13.1m).

KPIs $m 2019 2018 % change
Gross premiums written 408.1 451.7 (9.7)
Gross premiums earned 468.3 551.7 (15.1)
Net premiums earned 418.0 428.5 (2.5)
Total recognised (loss)/profit for the year (27.2) 13.1 (307.6)
Combined ratio 112% 99% 13pp

Sector

2019 $000s GPW Gross premiums earned Gross claims incurred Net op exps Reinsurance Balance Underwritingprofit/loss
Direct MAT (1,553) 11,351 (16,284) (2,766) 2,301 (5,398)
Total 415,705 459,088 (327,240) (174,298) 1,402 (41,048)
Reinsurance (7,564) 9,208 (18,263) (2,504) 987 (10,572)
Grand Total 408,141 468,296 (345,503) (176,802) 2,389 (51,620)
2018 $000s GPW Gross premiums earned Gross claims incurred Net op exps Reinsurance Balance Underwritingprofit/loss
Direct MAT 1,340 43,108 (24,187) (13,035) (8,128) (2,242)
Total 424,709 525,503 (330,433) (196,757) 8,213 6,526
Reinsurance 27,001 26,147 (20,130) (8,573) 840 (1,716)
Total 451,710 551,650 (350,563) (205,330) 9,053 4,810

https://www.lloyds.com/investor-relations/financial-performance/syndicate-reports-and-accounts/2010/03/3624