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 – N. Attwood
The Syndicate commenced underwriting on 1 April 2018.
Capital to support the underwriting of Syndicate 1947 was provided by GIC Re, India, Corporate Member Ltd, which is ultimately owned by General Insurance Corporation of India (GIC).
From August 20th 2019, HMA’s immediate parent undertaking is Hamilton UK Holdings Limited, a company registered in England and Wales. The company’s ultimate parent company is Hamilton Insurance Group, Ltd.
Domestic Marine
This portfolio consists of a selection of non-proportional treaty and direct & facultative marine business written by GIC Re from Indian domestic insurers.
Specialty Reinsurance
This portfolio is focused on worldwide terrorism, complimented by a range of composite marine layers.
For 2020 the business did not write any direct marine, aviation & transport business.
The Syndicate’s allocated capacity for the 2021 year of account is £125.0m. The capacity for the 2020 year of account was £82.0m (2019: £77.5m).
| KPIs £000s | 2020 | 2019 |
| Syndicate capacity | 82.000 | 77,500 |
| Gross written premium | 92,040 | 58,107 |
| Profit/Loss | (10,256) | (1,586) |
| Combined ratio | 119.5% | 104.9% |
| Investments | 23,803 | 8,935 |
The net loss ratio of 96% (2019: 78%) reflected the impact of major losses, notably Hurricane Sally on the Property lines. Additional reserves had also been recognised in relation to potential Covid-19 losses, adding 3.7pp to the net claims ratio. The 2019 result included the Syndicate’s exposure to two loss events, Typhoon Faxai and Hagibis.
On an ultimate basis, the 2018 year of account has closed at a loss of £6.1m. Loss activity during 2020 means that the 2019 and 2020 years of account are forecast to make modest losses also.
The syndicate’s marine interest consists of :
- a domestic marine portfolio, which consists of a selection of non-proportional treaty and direct & facultative marine business written by GIC Re from Indian domestic insurers.
- A specialty reinsurance portfolio focused on worldwide terrorism, complimented by a range of composite marine layers.
Sectors
| 2020 £000s | GPW | GPE | GCI | Op exps | Reins Bal | Total |
| Direct MAT | – | – | – | – | – | – |
| Total Direct | 21,137 | 17,568 | (29,140) | (5,518) | 3,077 | (14,013) |
| Reinsurance | 70,903 | 58,464 | (40,072) | (11,132) | (4,678) | 2,582 |
| Total | 92,040 | 76,032 | (69,212) | (16,650) | (1,601) | (11,431) |
| 2019 £000s | GPW | GPE | GCI | Op exps | Reins Bal | Total |
| Direct MAT | 278 232 | (109) | (52) | (110) | (39) | |
| Total Direct | 8,818 | 7,756 | (5,514) | (1,554) | (974) | (286) |
| Reinsurance | 49,289 | 43,357 | (30,800) | (8,713) | (5,450) | (1,606) |
| Total | 58,107 | 51,113 | (36,314) | (10,267) | (6,424) | (1,892) |
Emoluments
The active underwriter received the following remuneration charged as a syndicate expense:
| £000 | 2020 | 2019 |
| Emoluments | 434 | 437 |
| Pension contributions | 32 | 58 |
| Total | 466 | 495 |