Syndicate results 2020 #25 Syndicate 5000 Travelers

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).

https://www.lloyds.com/about-lloyds/investor-relations/financial-performance/syndicate-reports-and-accounts/2006-5000