Syndicate results 2021 #27 Asta 1980

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.

Run-off manager     N Ferrier

The Syndicate ceased underwriting on the 1st January 2020 and entered into voluntary run off.

The result for the calendar year 2021 is a loss of $18,298,604, (2020: loss of $28,647,616). Profits and losses will be distributed and collected by reference to the results of individual underwriting years.

Following the closure of the 2019 year of account an agreement was reached on February 10th 2022 to reinsure it into Syndicate 3500, managed by RiverStone Managing Agency Limited (RSML), effective January 1st 2022. As such, the Syndicate is no longer considered to be a Going Concern and the financial statements have been prepared on a basis other than Going Concern.

Following Syndicate 1980’s RITC to RSML Syndicate 3500, the Audit and Actuarial opinions will be undertaken by those of the wider RiverStone Group.

KPI $ 000s 2021 2020
Marine (63) (1,015)
GWP 2,556 5,787
Loss (18,300) (28,684)
Combined ratio (742.40%) (162.6%)
YOA Closed $000s 2019
Capacity 126,700
Forecast result (41,599)
Ret on Cap (32.8%)

Segmental Information

2021 GPW GPE GCI GOE Reins. Bal Total
Direct Marine (8,024) (8,009) (1,503) 4,067 3,041 (2,404)
Total Direct (7,728) (4,239) (31,968) 2,152 17,926 (16,129)
Prior Year LPT 979 979 (7,232) (639) 2,629 (4,263)
Other Reins 9,305 10,431 (6,205) (5,797) 3,821 2,250
Total Reins 10,284 11,410 (13,437) (6,436) 6,450 (2,013)
Total 2,556 7,171 (45,405) (4,284) 24,376 (18,142)
2020 GPW GPE GCI GOE Reins. Bal Total
Direct Marine (2,801) 2,329 (1,313) (1,060) (128) (172)
Total Direct 4,607 78,909 (81,628) (35,951) 15,426 (23,244)
Prior Year LPT 2,089 (1,448) 1,669 2,310
Other Reins 1,180 11,725 (8,797) (6,294) 548 (2,818)
Total Reins 1,180 13,814 (10,245) (6,294) 2,217 (508)
Total 5,787 92,723 (91,873) (42,245) 17,643 (23,752)

No emoluments of the directors or staff of Asta Managing Agency Ltd were directly charged to the Syndicate. The emoluments of the Run-off Manager are borne by Pioneer Underwriters Holding Company Limited, trading as Talsen and recharged to the Syndicate.

https://assets.lloyds.com/media/9a5092a7-2521-4301-8675-b8875b433999/SRA1980a.pdf