The Lloyd’s syndicates have now published their results for 2023 and, in some cases, added detail and an outlook for 2023. 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.
Active Underwriter W Roscoe
Syndicate 4321 launched in 2022 to focus on offering additional capacity to clients that perform well against predefined ESG metrics.
The syndicate follows the lead underwriting of syndicates 2623 and 623, also managed by Beazley Furlonge Limited.
From 1 January 2024, the syndicate stopped writing new follow capacity insurance business at Lloyd’s; its ESG capacity was moved to Syndicate 5623 in order to combine expertise and results into one syndicate.
The result for the syndicate for the year ended 31 December 2023 was a loss of $296.0k (2022: loss of $3,156.5k).
The 2022 year of account was currently forecasting to break even. Although in the early stages of development, the 2023 YOA was expected to close with a positive return on capacity.
The syndicate started writing business in 2022. The premium rates charged for renewal business of these lines of business increased by 3.8% during 2023 (2022: nil).
The syndicate’s combined ratio for 2023 was 104% (2022: 165%),
Syndicate 4321 did not purchase any outwards reinsurance during 2023 (2022: Nil)
The syndicate will not write new business for 2024. However the managing agent will continue to manage the syndicate until the end of 2025.
KPIs
| $000s | 2023 | 2022 |
| GPW | 20,419.9 | 10,540.6 |
| Earned prems | 18,733.9 | 4,867.8 |
| Claims incurred | (12,369.0) | (4,595.2) |
| Bal tech acct | (163.7) | (3,170.9) |
| Inv Ret | (534.7) | (4.3) |
| P/L | (296.0) | (3,156.5) |
Segmental Analysis
| 2023 $000s | GPW | GPE | GCI | NOE | Result |
| Direct MAT | 744.1 | 498.1 | (231.2) | (1,139.9) | (873.0) |
| Total Direct | 19,440.3 | 17,235.9 | (11,924.2) | (6,528.5) | (1,216.8) |
| Reins Accpts MAT | 91.8 | 105.9 | (2.3) | (303.9) | (200.3) |
| Tot Reins Accpts | 979.6 | 1,498.0 | (444.8) | (534.8) | 518.4 |
| Grand Total | 20,419.9 | 18,733.9 | (12,369.0) | (7,063.3) | (698.4) |
| 2022 $000s | GPW | GPE | GCI | NOE | Result |
| Direct MAT | 339.6 | 198.6 | (138.6) | (648.4) | (588.4) |
| Total Direct | 9,493.0 | 3,730.6 | (4,248.2) | (3,190.2) | (3,707.8) |
| Reins Accpts MAT | 49.8 | 45.9 | (21.9) | (101.8) | (77.8) |
| Tot Reins Accpts | 1,047.6 | 1,137.2 | (347.0) | (257.6) | 532.6 |
| Grand Total | 10,540.6 | 4,867.8 | (4,595.2) | (3,447.8) | (3,175.2) |
Active underwriter’s emoluments The aggregate amount of remuneration paid to and for the benefit of the active underwriter which was recharged to Syndicate 4321 was $43,767 (2022: $31,181).
https://assets.lloyds.com/media/d0bc8c51-832d-4cf2-97d6-2c1217731dee/SRA4321a.pdf