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.
The result for calendar year 2021 at Syndicate 2468 was a profit of £7.7m (2020: loss of £131.2m). On December 31st 2021 the Syndicate entered into a 100% whole account loss portfolio transfer reinsurance with Syndicate 3500 for its 2020 year of account.
Syndicate 2468 went into run-off on January 6th 2020. Following an agreement signed on 26th September 2020 the Neon Group of companies (Neon), including the Lloyd’s Corporate Members GAI Indemnity Ltd, Lavenham Underwriting Ltd and Sampford Underwriting Ltd, became part of RiverStone Holdings Ltd (RiverStone) from 31st December 2020.
Subsequently , on August 23rd 2021, CVC Capital Partners (CVC) completed the acquisition of RiverStone Europe from Fairfax Financial Holdings Ltd and the Ontario Municipal Employees Retirement Scheme (OMERS).
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 Limited (RBL). RiverStone Managing Agency and its immediate parent company RiverStone Holdings Ltd were wholly owned subsidiaries of RBL.
|Gross technical provisions||326,772||504,341|
|Total comprehensive profit/(loss)||7,687||(131,234)|
The members’ balance deficit decreased to £49,931k from £69,873k.
The 2019 year of account was closed into Syndicate 3500 as of 1st January 2022. This was considered a non-adjusting post balance sheet event. It is anticipated that the 2020 year of account will reinsure to close into Syndicate 3500 on 1st January 2023.
|2021 £000s||GPW||GPE||GCI||GOE||Reins Bal|
|2020 £000s||GPW||GPE||GCI||GOE||Reins Bal|
Total emoluments: run-off manager