Syndicate results 2021 #26 Asta 1897

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.

Managing Agent – RiverStone

Effective the beginning of 2021 the 2019 year of account was reinsured by a 100% whole account loss portfolio transfer into Syndicate 3500, which also accepted the reinsurance to close of the 2018 year of account. As of January 1st 2021 the Managing Agency contract for Syndicate 1897 was novated to Riverstone Managing Agency.

During 2020, Skuld Corporate members I and II were sold to RiverStone Holdings Ltd. The only remaining open year of account, 2019, was closed into Syndicate 3500 on January 1st 2022.

On August 23rd 2021 CVC Capital Partners completed the acquisition of RiverStone Europe from Fairfax Financial Holdings Ltd and the Ontario Municipal Employees Retirement Scheme. The RiverStone Europe Group will now operate under the name RiverStone International.

Pursuant to this transaction, Gatland Bidco Ltd, a wholly-owned subsidiary of Gatland Holdings Jersey Ltd, completed the acquisition of all the outstanding shares of Riverstone Barbados Ltd. RiverStone Managing Agency and its immediate parent company RiverStone Holdings were wholly owned subsidiaries of RBL.

The old Skuld Lloyd’s Syndicate wrote predominately marine and energy insurance primarily in the United Kingdom. The Syndicate ceased underwriting on the July 1st 2019 and entered into voluntary run off.

Skuld continued to underwrite all its hull and offshore energy business as Skuld Hull, the corporate platform of Skuld Assuranceforeningen, through Skuld UK in London and through Skuld Marine Agency in Oslo, Norway.

The majority of liabilities within Skuld Syndicate 1897 related to marine hull & machinery and energy business.

KPI £000s 2021 2020
Gross technical provisions 9,929 73,097
Total comprehensive loss (636) (5,597)

Syndicate 1897 does not have material insurance exposure to Covid-19 related claims and its 2021 financial results were not been meaningfully impacted by the pandemic.

The assumptions that have the greatest impact on gross and net technical provisions are those that affect the expected level of claims in the marine hull class

Segmental analysis

2021 £000s GPW GPE GCI Net op exps Reins Bal.
Direct MAT 211 678 (282) (83) (709)
Total Direct 220 679 (532) (101) (528)
Reinsurance inwards 39 122 (128) (45) (167)
Total 259 801 (660) (146) (695)
2020 £000s GPW GPE GCI Net op exps Reins Bal.
Direct MAT 540 7,116 (4,962) (5,550) (442)
Total Direct 775 7,545 (6,455) (5,829) 224
Reinsurance inwards 1,658 5,223 (4,811) (2,770) 42
Total 2,433 12,768 (11,266) (8,599) 266