Syndicate Results 2019 #48 Syndicate 2468 Neon Underwriting

Active Underwriter Darren Lednor

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.

Neon group owns several managing general agents who write marine, property, reinsurance and casualty business into the Syndicate. They are all subsidiaries of Neon Holdings (U.K.) Limited who is the immediate parent of the Managing Agent.

On January 6th 2020, the Managing Agent’s ultimate parent company American Financial Group Inc, (AFG) announced that it was exiting the Lloyd’s insurance market. Consequently, the Managing Agent has put the Syndicate into an orderly run-off. The Managing Agent continues to manage the Syndicate in run-off.

Syndicate result all years of account £000s 2019 2018
Gross premiums written 435,443 405,073
Net written premiums 307,095 296,489
Net earned premiums 300,683 240,313
Combined ratio 118% 119%
Underwriting result (52,942) (47,520)
Investment return 4,597 2,065
Result after investment return (48,345) (45,455)
FX 3,478 (2,081)
Profit/Loss (44,867) (47,536)

Sector

2019 £000s GPW GPE GCI Op exps Reins Bal Total
Direct MAT 62,598 53,999 (34,756) (20,132) (5,025) (5,914)
Total 339,687 325,542 (223,491) (116,454) (25,371) (39,774)
Reinsurance acceptances 95,756 108,787 (47,805) (32,640) (41,510) (13,168)
Grand Total 435,443 434,329 (271,296) (149,094) (66,881) (52,942)
2018 £000s GPW GPE GCI Op exps Reins Bal Total
Direct MAT 34,383 27,948 (15,544) (11,755) (781) (132)
Total 264,564 221,229 (132,310) (88,254) (21,033) (20,368)
Reinsurance acceptances 140,509 113,379 (113,430) (37,782) 10,681 (27,152)
Grand Total 405,073 334,608 (245,740) (126,036) (10,352) (47,520)

https://www.lloyds.com/investor-relations/financial-performance/syndicate-reports-and-accounts/2017/2468