The Lloyd’s syndicates have now published their results for 2021 and, in some cases, added detail and an outlook for 2022. Some have stuck to the bare bones. 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.
With effect from the start of 2021 the presentational currency of Syndicate 1458 changed from Sterling to US dollars.
|Gross premiums written||1,133.2||954.8||18.7 %|
|Loss for the financial year||(46.4)||(37.4)|
|Combined ratio||106.2 %||117.0 %||(10.8) %|
The growth in gross premiums was primarily from Property lines.
Outward reinsurance premiums for the year was $341.3m and represented a 37.3% decrease on 2020. Outwards reinsurance premiums in 2020 were impacted by the purchase of an Adverse Development Cover protecting the Casualty classes on the syndicate for the 2017 and prior underwriting years. No such cover was purchased in 2021. The year on year decrease was also impacted by the non-renewal of the RenaissanceRe Europe AG whole account quota share for the 2021 underwriting year.
The 2021 results were impacted by weather-related large loss events, including Hurricane Ida, Winter Storm Uri and PCS 2176 Wind and Thunderstorm.
The 2020 results were also impacted by weather-related large loss events, including Hurricane Laura, Hurricane Sally and PCS 2016 Wind and Thunderstorm, as well as incurred losses on the Coronavirus Pandemic and the greater level of ceded spend relating to the purchase of the Adverse Development Cover.
Gross technical provisions increased to $2,493.5m, from $2,215.2m 12 months previously. This included an increase in unearned premiums and claims outstanding, principally as IBNR, attributed to increased gross premiums in the year. In addition, the claims outstanding also includes the reserves for the weather-related large loss events incurred during the financial year.
|2021 $||GPW||GPE||GCI||GOE||Reins. Bal||Total|
During 2021 the Syndicate changed the presentation of the Segmental Analysis to better align with how the business is managed. Results have been allocated to segments based on Lloyd’s classes of business which are closely monitored internally. Previously, results were allocated to segments based on Lloyd’s risk codes. The 2020 comparative has been restated below and a comparison of the change has been included. The overall impact is a reclassification between Direct insurance and Reinsurance. The restatement did not change the 2020 financial results.
|2020 $||GPW||GPE||GCI||GOE||Resins. Bal||Total|
|Emoluments||2021 $000||2020 $000|