Syndicate Results 2019 #60 Syndicate 4020 Ark

The Lloyd’s syndicates have now published their results and, in some cases, added detail and an outlook for 2021. As in the past three years, IMN is summarizing the results from all syndicates that have a marine interest which have provided some information on the marine side.

Today’s results conclude the 2020 analysis.

Active Underwriters – N Fox, M Raven

KPIs £000s 2020 2019
Marine and Energy 43,542 (YOA est) 38,430 (YOA est)
Total GPW 339,617 277,373
NEP 245,788 245,795
Profit / (loss) for the financial year 4,905 8,361
Combined ratio 98.9  99.4%

The 2018 YOA closed with a loss of £13.8m after all standard personal expenses, equivalent to a loss on stamp capacity of 4.6%. T

The 2019 YOA is forecast at the 24 month to make a mid-point profit of £13.2m. The YOA has also been impacted by losses arising from the Covid-19 pandemic, as well as a series of natural catastrophe events – predominately Hurricanes Sally, Laura and Zeta. A forecast is not currently required for the 2020 YOA.

On January 1st 2021 AIHL completed a subscription and purchase agreement  with Bridge Holdings (Bermuda) Ltd, a subsidiary of White Mountains Insurance Group Limited. Further to the SPA, the Investor committed to provide AIHL with an investment of up to $800m, of which $600m was made available on completion as paid-up proceeds of AIHL issued share capital and $200m is made available at AIHL’s request during 2021.

The capacity of the Syndicate for the 2021 YOA is £350.0m (2020 YOA: £300.0m). The capacity of Syndicate 3902 for the 2021 YOA is £150.0m (2020 YOA: £120.0m).

Marine & Energy, Cargo & Specie: Cargo is made up of general cargo transit and storage as well as higher value and more complex risks such as satellites, heavy lift, tows and project cargo. Specie includes fine art, metals, securities and vault risk written on an excess basis.

Marine & Energy, Marine & Energy Liabilities: Marine includes the reinsurance of the International Group of P&I Clubs. Energy is only offered in conjunction with Upstream Energy packages.

Marine & Energy, Marine Hull & Liabilities: Insurance of low profile, smaller fleet business and specialized tonnage, with some vessel construction, marine property and marine war.

Marine & Energy, Energy Upstream: Insurance of exploration and production property (on/offshore), control of well, removal of wreck, business interruption, construction and renewable energy from a broad geographic spread.