Syndicate results 2019 #9 Munich Re Syndicate 457

Chief Underwriting Officer DJR Hoare

  2019 2018
GWP £569m £523m
Profit £33m £35m
CR 97% 92%

During 2018 the syndicate continued to embed the structural and strategic changes which were developed from Munich Re’s long-term strategy for the syndicate, known as MRSG 25. This initiative is for the syndicate to be Munich Re’s primary operation for direct (including some Fac Re) Marine, Energy and Specialty business.

For the 2019 YOA the syndicate developed its Marine Reinsurance and Trade Credit business.

Business Distribution 2019 2018
Direct MEAT 47% 47%
Reinsurance 33% 35%
Direct MEAT GWP £266.56m £243.84m
Reinsurance GWP £185.99m £184.62m
Total GWP £568.61m £523.22m

Underwriting Result 2019 (£000)

  GWP Gross Claims Gross Op Exp Reins Bal Total
Direct MEAT 266,557 (139,558) (93,538) (26,704) 7,520
Reinsurance 185,983 (71,177) (62,463) (19,817) 18,005
Total 568,615 (278,526) (197,501) (55,972) 14,402

Underwriting Result 2018 (£000)

  GWP Gross Claims Gross Op Exp Reins Bal Total
Direct MEAT 243,844 (73,812) (88,590) (49,985) 25,093
Reinsurance 184,263 (83,812) (54,034) (4,455) 22,643
Total 523,224 (215,150) (173,711) (64,593) 31,493

For 2020, Lloyd’s categorized Syndicate 457 as “Light Touch” and as such its business plan for 2020 was approved without any major alterations to that submitted.

The capacity for the syndicate based on gross net premiums was increased to £525m in 2020, from £425m in 2019.

https://www.lloyds.com/investor-relations/financial-performance/syndicate-reports-and-accounts/2006/06/0457