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.
Coverys Managing Agency (Coverys at Lloyds) was the managing agent of Syndicate 1110 until the management of it was novated on October 25th 2019 to CMA.
Until October 26th 2017 the Syndicate was managed by ProSight Specialty Managing Agency Limited (PSMAL). The PSMAL Board was informed on March 10th 2017 by ProSight Global Holdings Ltd of its intention to sell the UK subsidiary group, including the managing agency of Syndicate 1110 and the corporate members providing capital. The Syndicate went into run-off on June 8th 2017.
On October 26th 2017 PSMAL and its corporate members were sold to the R&Q group. Subsequently PSMAL novated the management of the Syndicate to R&Q Managing Agency Limited which was renamed Coverys Managing Agency Ltd on December 1st 2017.
On October 25th 2019 the management of the Syndicate was novated to CMA.
On December 23rd 2019 Syndicate 1110 entered into a loss portfolio transfer reinsurance with Syndicate 3334, managed by Hamilton Underwriting Ltd (HUL), for certain lines of discontinued business for underwriting years 2016 to 2018 inclusive. The transaction resulted in an increase to Syndicate 1110’s GWP of £59.7m and an increase to gross and net technical provisions of £60.1m. Syndicate 1110 has no associated outwards reinsurance in relation to the LPT as the contract has been ceded net, already benefiting from the HUL reinsurance programme.
Effective January 1st 2020 Syndicate 1110 accepted the reinsurance to close of the liabilities of run-off Syndicate 3330, 2017 and prior years of account. The transaction will result in a transfer to Syndicate 1110’s gross and net technical provisions of approximately £8.4m and £6.9m respectively.
|Gross premiums written||60.2||11.5|
|Net premiums earned||58.7||16.6|
|(Loss)/Profit for the year||(0.2)||6.8|
|2019 £000s||GPW||GPE||GCI||Op exps||Reins Bal||Total|
|2018 £000s||GPW||GPE||GCI||Op exps||Reins Bal||Total|