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 – B Grefe
The immediate holding company of Allied World managing Agency is Bermuda-incorporated Allied World Europe Holdings. The company’s ultimate parent is Fairfax Financial Holdings Ltd.
The Syndicate’s capacity for the 2020 year was £201.1m (2019: £176.0m).
|Balance on tech a/c||6,672||(21,520)|
The overall balance on the technical account was a profit of £6.7m (2019: loss of £21.5m), after expenses and investment return but before FX adjustments. GWP for the year was £239.1m, up from £219.2m in 2019. The £19.9m increase in GWP was driven primarily through the classes of business, Commercial D&O, E&O and Healthcare. This followed a continued hardening in rate, strong price adequacy and non-rate growth on delegated partnerships.
The Syndicate reported a combined ratio of 96.1% (2019: 120.8%).
The assessment of COVID-19 related insurance liabilities across the syndicate’s insurance and treaty reinsurance business reflected a low level of Covid-19 exposure to the Syndicate, with booked losses totalling £4.0m on a gross basis and £2.0m net. The result for the year included favourable prior year development of £4.8m (2019: adverse development of £11.6m).
As the pandemic became apparent in early 2020, AWMA followed its business continuity plans and enacted steps to ensure the safety of its employees and continuity of its business
|2020 £000s||GPW||GPE||GCI||Op exps||Reins Bal||Total|
|2019 £000s||GPW||GPE||GCI||Op exps||Reins Bal||Total|
NOTE: The 2019 segmental analysis in the 2019 financial statements did not apply the class of business disclosure requirements of Schedule 3 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. The 2019 comparative amounts presented in the 2020 financial statements have now been presented applying the revised segmental classes and metrics on a comparable basis with the 2020 amounts. This is in accordance with the requirements of Schedule 3 of the 2008 Regulations
The amount recharged to the Syndicate in respect of the aggregate remuneration of the active underwriter for the year ended December 31st 2020 was £309,000 (2019: £658,000).