Syndicate Results 2019 #63 Syndicate 4000 Hamilton

Active Underwriter A. C. G. Mackay (resigned 31 December 2019) A. J. Daws (appointed 1 January 2020)

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.

The Syndicate’s allocated capacity for the 2019 year of account was £236.0m (2018: £398.0 m). The capacity for the 2020 year of account is £327.0m.

Capital to support the underwriting of the Syndicate is provided by entities that are ultimately owned by Liberty Mutual Holding Company Inc and Hamilton Insurance Group Ltd:

· Liberty Corporate Capital (Two) Ltd (formerly Ironshore Corporate Capital Ltd) for the 2018 and prior years of account.

· Ironshore CC (Three) Ltd for the 2019 year of account (purchased and ultimately owned by Hamilton Insurance Group, Ltd from August 20th 2019).

· Hamilton Corporate Member Ltd or the 2020 year of account.

On August 20th 2019 the Hamilton Group acquired HMA and ICC3 from the Liberty Mutual Group. HMA also manages Syndicate 2014, Syndicate 6125, Syndicate 1947 and also Syndicate 3334 (from January 1st 2020).

For the 2018 and 2019 years of account, LCC2 had participations on Syndicate 2014.

Otherwise, capital to support the underwriting of these syndicates is provided by third parties that are unrelated to the Liberty Mutual Group and the Hamilton Group.

The Syndicate continues to be a provider of specialist commercial insurance and reinsurance products and aims to write a low volatility portfolio of niche property and casualty classes of business. The portfolio is built around business which has a high technical barrier to entry.

The syndicates marine/energy book consists of two elements: Specie & Fine Art / High Value Cargo (typically written with lead positions) and Marine Liability.

The Marine Liability book includes both traditional marine liability and energy liability (predominantly offshore). This product area includes an international onshore & offshore energy book.

Lines in run-off include Marine Re and Cargo.

Sectors

2019 £000 GPW GPE GCI Op exps Reins Bal Total
Direct MAT 8,374 14,298 (16,359) (5,013) 1,703 (5,371)
Total 229,268 281,071 (179,727) (103,704) (2,804) (5,164)
Reinsurance 72,372 68,656 (51,728) (18,882) (5,683) (7,637)
Grand Total 301,640 349,727 (231,455) (122,586) (8,487) (12,801)
2018 £000 GPW GPE GCI Op exps Reins Bal Total
Direct MAT 21,688 22,176 (21,970) (7,254) 4,169 (2,879)
Total Direct 320,278 326,142 (190,979) (127,184) 2,024 10,003
Reinsurance 102,683 94,045 (61,262) (27,756) 2,570 7,597
Grand Total 422,961 420,187 (252,241) (154,940) 4,594 17,600

https://www.lloyds.com/investor-relations/financial-performance/syndicate-reports-and-accounts/2010/03/4000