Syndicate results 2021 #38 Allied World 2232

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   B Grefe

The Syndicate’s capacity for the 2021 year was £221.7m (2020: £201.1m).

KPIs

£000s 2021 2020
Gross premiums written 252,288 239,147
Gross premiums earned 239,226 219,843
Net premiums earned 138,343 123,097
Balance on technical account  15,708 6,672

The increase in GPW was driven primarily through growth in Commercial Directors and Officers &Healthcare, in both cases following continued hardening in rates, strong price adequacy and non-rate growth on profitable delegated partnerships.

The Syndicate reported a combined ratio of 88.3% (2020: 96.1%).

The result for the year included net prior year reserve releases of £2.1m (2020: reserve release of £4.8m) and benefited the combined ratio by 1.5% (2020: benefit of 3.9%). The treaty reinsurance classes of business contributed most of the prior year reserve releases.

The syndicate said that there remained a level of uncertainty in predicting the ultimate impact of the Ukraine-Russia conflict on its business and operations, but at present it did not believe the financial impact of the conflict on the Syndicate would be significant.

Segmental Analysis

2021 £000s GPW GPE GCI GOE Reins Bal Total
Direct MAT 9,527 9,588 (7,630) (3,660) 1,714 12
Total Direct 155,421 140,926 (82,556) (41,962) (6,899) 9,509
Reinsurance 96,867 98,300 (50,364) (33,175) (8,142) 6,619
Total 252,288 239,226 (132,920) (75,137) (15,041) 16,128
2020 £000s GPW GPE GCI GOE Reins Bal Total
Direct MAT 11,814 1,645 (16,707) (4,213) 5,353 (3,922)
Total Direct 136,041 118,176 (89,101) (35,781) 7,705 999
Reinsurance 103,106 101,667 (55,829) (33,285) (8,704) 3,849
Total 239,147 219,843 (144,930) (69,066) (999) 4,848

https://assets.lloyds.com/media/eb47f885-d322-4192-8b1e-0c5a78820160/SRA2232a.pdf