The Lloyd’s syndicates have now published their results for 2023 and, in some cases, added detail and an outlook for 2024. Some have stuck to the bare bones. As in the previous few years, IMN is summarizing the results from all syndicates that have a notable marine interest, if they have provided some information on the marine side.
NSML is the managing agent for Syndicate 2358. The Syndicate commenced underwriting with capacity of £50.0m on the 2022 year of account and grew to £90.0m for the 2023 year of account. It writes a portfolio of specialty risks.
The Syndicate reported a $5.5m profit for the 2023 financial year (2022: profit of $2.3m). The calendar year combined ratio was 94.4% (2022: 88.3%).
The Syndicate’s key performance indicators for the financial year were as follows:
| $’000 | 2023 | 2022 |
| Gross premiums written | 120,831 | 48,598 |
| Profit for the financial year | 5,464 | 2,282 |
| Loss ratio | 59.7% | 48.6% |
| Expense ratio | 34.7% | 39.7% |
| Combined ratio | 94.4% | 88.3% |
The Syndicate said that it was too early in the development of the 2023 year of account to assess accurately the likely ultimate outcomes. The first disclosure of a formal forecast, range and return on capacity will be made at 24 months. The estimated result for the 2022 year of account was a 16.2% return on $63.5m capacity, equal to $10.27m.
Gross premiums written by class of business for the calendar year were as follows:
| $’000 | 2023 | 2022 |
| Marine | 2,627 | 795 |
| Inwards Reinsurance | 14,740 | 2,547 |
| Total | 120,831 | 48,598 |
The Syndicate’s active underwriter, R J Louden, received emoluments in respect of the role of active underwriter for the Syndicate through Nephila Syndicate Services Limited.
https://assets.lloyds.com/media/b50a1578-9164-4ce8-954a-303d005777e4/SRA2358a.pdf