Syndicate results 2021 #35 Hamilton 2014

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    B J Taylor

Until November 19th 2019 the principal activity of Syndicate 2014 was the underwriting of general insurance and reinsurance business at Lloyd’s. On that date the Syndicate went into run-off. The Syndicate closed as at 31 December 2021.

On February 10th 2022 HMA entered into a reinsurance to close transaction with RiverStone Managing Agency Ltd, on behalf of Syndicate 3500 for the 2019 year of account. The RITC was effective January 1st 2022. The RITC covers all the business of the Syndicate, which is no longer a going concern.

In the marine division the Syndicate underwrote Marine Liability and War & Terrorism. The Marine Liability line of business underwrote two sub-classes, namely Marine Liability and Energy Liability.

KPIs

£000s 2021 2020
Gross written premium 2,588 20,893
Profit/(loss) for the financial year 3,797 (18,894)
Combined ratio 46.8% 140.6%
Investments, cash and deposits 168,374 182,205

Net Operating Expenses in 2021 were £6.3m (2020: £24.3m), reflecting the continued run-off of the Syndicate. Balance Sheet The Syndicate’s assets decreased to £240.3m (2020: £265.6m) and the liabilities have decreased to £260.2m (2020: £314.2m) reflecting the continued run-off of the Syndicate.

Segmental Analysis

2021 £000s GPW GPE GCI GOE Resins Bal Total
Direct MAT 3,755 4,024 (758) (1,260) (518) 1,488
Total Direct 3,883 7,862 (2,337) (3,003) 171 2,693
Reinsurance (1,295) 314 (10,278) (3,388) 13,860 508
Total 2,588 8,176 (12,615) (6,391) 14,031 3,201
2020 £000s GPW GPE GCI GOE Resins Bal Total
Direct MAT 2,557 5,128 (7,031) (1,923) (944) (4,770)
Total Direct 13,273 41,384 (42,239) (15,798) 444 (16,209)
Reinsurance 7,620 30,504 (32,211) (8,507) 1,139 (9,075)
Total 20,893 71,888 (74,450) (24,305) 1,583 (25,284)

https://assets.lloyds.com/media/8282199c-8448-4320-8156-8313cb467c86/SRA2014c.pdf