Active Underwriter N. Attwood
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.
Capital to support the underwriting of Syndicate 1947 is provided by GIC Re, India, Corporate Member Ltd, which is ultimately owned by General Insurance Corporation of India (GIC).
This portfolio consists of a selection of non-proportional treaty and direct & facultative marine business written by GIC Re from Indian domestic insurers.
This portfolio is focused on worldwide terrorism, complimented by a range of composite marine layers.
|Gross written premium||58,107||23,639|
The Syndicate reported a loss for the year of £1.6m. This consisted of a 2018 year of account profit of £3.1m and a 2019 year of account loss of £4.7m, which reflected the timing of the earning of underwriting income.
On an ultimate basis, the syndicate expects to recognize a loss of £8.3m on the 2018 underwriting year and a £1.3m profit on the 2019 underwriting year.
The Syndicate reports gross written premium for the financial year of £58.1m (2018: £23.6m).
The net loss ratio of 78% (2018: 170%) reflected the Syndicate’s exposure to two catastrophe events, Typhoon Faxai and Hagibis. Losses incurred on these events were significantly less than the catastrophe events experienced in 2018.
Syndicate assets increased by £23.1m to £52.6m (2018: £29.5m). Total liabilities increased by £24.6m to £65.9m (2018: £41.3m). The increase in both assets and liabilities was due to the additional, second year of account commencing. The increase in liabilities vs assets reflected the loss activity and reserving movements in the year.
|2019 £000s||GPW||GPE||GCI||Op exps||Reins Bal||Total|
|Direct MAT||278 232||(109)||(52)||(110)||(39)|
The Syndicate’s business for the year ended 31 December 2018 was 100% reinsurance.