Syndicate results 2021 #21 Ascot 1796

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.

Active Underwriter   Chris J McGill

Syndicate 1796 was created under the Lloyd’s ‘Syndicate in the Box’ scheme. The principal activity of the Syndicate is insuring the storage and transportation of vaccines (including Covid-19), plus other life-saving health products, to developing countries under the Global Health Risk Facility (GHRF) launched by Parsyl Inc. Syndicate 1796 was the first public-private syndicate created to address a global health emergency in Lloyd’s history. 2021 was the first underwriting year that Syndicate 1796 operated.

The managing agent of Syndicate 1796 is Ascot Underwriting Limited (AUL). AUL will act as the Managing Agent of Syndicate 1796 for the foreseeable future, including beyond the third year of operation when it is expected that the Syndicate will either reapply for Syndicate-in-a-box status, or graduate to a full Syndicate.

For the 2021 year of account UK-incorporated Parsyl Syndicate Ltd, ultimately owned by Parsyl Inc, was the sole corporate member.

Syndicate capacity for 2021 was £19.7m. For 2022 it is £18.1m.

2021 £’000s GPW GPE GCI GOE Reins.Bal Total
Direct MAT 453 453 (26) (421) (43) (37)
Total 453 453 (26) (421) (43) (37)  

No costs have been recharged to the Syndicate in relation to remuneration paid to directors of AUL.