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.
Active Underwriter – C Allison
The reported combined ratio of 107.4% includes 5pp attributable to Covid-19.
Large losses were adverse to expectations by about 5pp.
GWP fell by £62m year on year, reflecting the impact of underwriting remediation actions and the deliberate non-renewal of some cases due to the inability to secure Covid-19 exclusions, as well as the impact of reduced economic activity in 2020.
“On the back of all the portfolio management activity, and the continuing supportive marketing environment, we believe the Syndicate will return to profit in 2021”, the syndicate said.
| KPIs £000s | 2020 | 2019 |
| GPW | 307,668 | 369,787 |
| Gross claims | (203,356) | (296,525) |
| Balance on tech a/c | (14,259) | (107,711) |
| Comprehensive profit/loss | (9,467) | (96,985) |
Sector
| 2020 £000s | GPW | GPE | Gross Claims Inc | Gross Op Exp | Reins Bal | Total | Net tech prov |
| Direct MAT | 63,958 | 73,034 | (40,858) | (35,703) | (6,378) | (9,905) | (112,842) |
| Direct Total | 216,981 | 252,036 | (147,178) | (105,957) | (27,539) | (27,638) | (384,195) |
| Reinsurance | 90,687 | 97,979 | (73,850) | (16,664) | (1,994) | 5,471 | (188,470) |
| Grand Total | 307,668 | 350,015 | (220,028) | (122,621) | (29,533) | (22,167) | (572,665) |
| 2019 £000s | GPW | GPE | Gross Claims Inc | Gross Op Exp | Reins Bal | Total | Net tech prov |
| Direct MAT | 64,111 | 74,922 | (80,301) | (36,883) | 6,812 | (35,450) | (133,653) |
| Direct Total | 255,696 | 263,826 | (271,693) | (107,468) | 17,716 | (97,619) | (437,828) |
| Reinsurance | 114,091 | 96,657 | (84,929) | (21,983) | (4,307) | (14,562) | (162,949) |
| Grand Total | 369,787 | 360,483 | (356,622) | (129,451) | 13,409 | (112,181) | (600,777) |
The Active Underwriter received remuneration during the year of £414,428 (2019: £638,723).