Syndicate results 2020 #13 Syndicate 1225 AEGIS

The Lloyd’s syndicates have now published their results and, in some cases, added detail and an outlook for 2020. As last year, IMN is summarizing the results from all syndicates that have a marine interest which have provided some information on the marine side.

AEGIS Syndicate 1225 commenced operations in 1999. Syndicate 1225 operations are supported by AEGIS Managing Agency Limited , which provides professional staff and services for the Syndicate.

Aegis Syndicate 1225 is, through intermediate holding companies, a wholly aligned Syndicate of AEGIS, incorporated in Bermuda.

£m 2020 2019 2018 2017 2016
GWP 707.9 653.2 555.2 462.2 376.7
Underwriting profit 44.9 15.2 22.2 2.1 27.0
Investment return 18.6 20.9 6.1 7.9 9.1
FX Gain/loss (3.1) (5.0) 0.8 (5.9) 23.5
Total income 60.3 31.1 29.1 4.1 59.6
Combined Ratio 91.6% 96.8% 94.4% 99.4% 91.0%

A significant proportion of Syndicate 1225’s underwriting is sourced in North America.

Segmental Analysis

2020 £m GPW GPE Claims Net op exps Reins. Bal.
MAT 96.1 92.5 (52.7) (29.1) (0.7)
Direct Total 587.5 556.0 (329.2) (186.4) (13.4)
Reinsurance inward 120.4 118.1 (76.3) (31.0) (5.1)
Grand Total 707.9 674.1 (405.6) (217.4) (18.5)
2019 £m GPW GPE Claims Net op exps Reins. Bal.
MAT 70.8 74.0 (61.2) (20.2) (0.9)
Direct Total 493.6 471.3 (282.9) (141.2) (31.9)
Reinsurance inward 159.6 136.3 (81.4) (45.7) (9.3)
Grand Total 653.2 607.6 (364.3) (186.9) (41.2)

The following amounts were recharged to the Syndicate in respect of salary costs:

£m 2020 2019
Wages and salaries 16.0 13.9
Social security costs 2.2 1.7
Other pension costs 1.8 1.7
Total 20.0 17.3

The following aggregate remuneration was charged to the Syndicate in respect of the person holding the position of Active Underwriter.

£m 2020 2019
Emoluments 0.3 0.3

https://www.lloyds.com/about-lloyds/investor-relations/financial-performance/syndicate-reports-and-accounts/2006-1225