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 |