Syndicate results 2021 #58 Syndicate 5000 Travelers

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.

Travelers uploads its pdf in picture rather than text format, meaning that the numbers have to be copied manually. Therefore errors and omissions excepted.

Active Underwriter   C Allison

KPIs

£000s 2021 2020 (restated) Change
GPW 337,257 307,668 8.8%
NPE 266,059 297,815 (11.9)%
P/L 30,117 (22,334) N/A
CR 92.6% 108.4% (15.8pp)

The reported combined ratio for 2021 includes 9.7pp of favourable prior year reserve development (2020, -0.5pp adverse development).

Growth in GPW was driven by growth in transactional liability portfolio and favourable development on premiums for prior years of account.

In 2021 the priority was to return to an underwriting profit. Rate increases of 13% were achieved across the portfolio.

Covid-19 added 2.5pp to the 2020 combined ratio. The Syndicate did not see any significant development of these losses during 2021. No further significant losses are expected as a result of the pandemic.

During the year it was identified that reinsurance recoveries were overstated by £7.2m as at December 31st 2020, of which £3.0m originated in the 2020 financial year. These comparatives have been restated.

Segmental analysis

2021 £000s GPW GPE GCI Op Exps Reins Bal Total Net tech provs
Direct MAT 63,654 58,343 (28,725) (23,723) (8,391) (2,496) (114,265)
Total Direct 235,718 202,946 (101,117) (72,978) (16,838) 12,013 (379,236)
Reinsurance 101,539 108,255 (54,607) (39,296) (6,804) 7,548 (227,332)
Total 337,257 311,201 (155,724) (112,274) (23,642) 19,561 (606,568)
2020 £000s GPW GPE GCI Op Exps Reins Bal Total Net tech provs
Direct MAT 63,958 73,034 (40,858) (35,703) (6,378) (9,905) (112,842)
Total Direct 216,981 252,036 (146,178) (105,957) (30,533) (30,632) (391,362)
Reinsurance 90,687 97,979 (73,850) (16,664) (1,994) 5,471 (188,470)
Total 307,668 350,015 (220,028) (122,621) (32,527) (25,161) (579,832)

The Active underwriter received remuneration during the year of £769,027 (2020 £414,428)

https://assets.lloyds.com/media/69bdcda5-d293-4388-9800-e0daa06da5aa/SRA5000a.pdf