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Tokio Marine Kiln announces latest Lloyd’s syndicate forecasts

Highlights

  • Syndicates 510 and 557 are forecast to deliver profits for the 2013 and 2014 years of account

  • TMK developing strategic partnerships in emerging markets

  • Focus on innovation key to strong underwriting performance

Tokio Marine Kiln Syndicates Limited has released updated forecasts for the 2013 and 2014 years of account for its three non-aligned syndicates.

 Charles Franks, Chief Executive Officer of Tokio Marine Kiln Syndicates Limited, said: “I am pleased to report that these latest forecasts, which demonstrate our continued focus on adapting to the changing needs of customers is translating into profitable business.

 “Against a backdrop of increased competition and pressure on rates, our focus on developing new products and enhancing our distribution by forming strategic partnerships is paying off. A recent example of this was in October when TMK signed a Memorandum of Understanding with the PICC to provide technical expertise to Chinese customers in the Intellectual Property insurance market. In these conditions, being part of one of the largest insurance groups in the world, Tokio Marine, affords us significant financial strength, scale and global distribution, which are crucial to maintaining a strong competitive position.” 

The previous forecasts, which were announced in August 2015, have been rebased to the same exchange rates (US$1.51 and C$2.03). The forecasts set out below take into account all managing agency and Lloyd’s charges.

 

2013 year of account forecasts
Syndicate Capacity 2013 year of account forecast range % Previous forecast range as at August 2015 %
£m
510 1,064 7.4 to 12.4 7.4 to 12.4
557 46 11.4 to 16.4 12.1 to 17.1
308 27 -3.0 to 2.0 -3.8 to 1.2

 

The forecast range for Life Syndicate 308 improved slightly due to additional adjustment premium being received as the year of account approaches closure.

The forecast for Syndicate 510 remained flat, with further reserve releases (on closed years) being offset by the recognition of large cumulative foreign exchange losses this quarter.

Syndicate 557 has shown a marginal deterioration following the recognition of large cumulative foreign exchange losses this quarter, partly offset by further reserve releases due to favourable claims development on closed years.

  

2014 year of account forecasts
Syndicate Capacity 2014 year of account forecast range % Previous forecast as at August 2015 %
£m
510 1,064 4.5 to 9.5 4.1 to 9.1
557 39 15.5 to 20.5 17.5 to 22.5
308 32 -1.1 to 3.9 0.5 to 5.5

 

Syndicate 510 has shown a small improvement despite losses on the Shoreham Airshow crash and the Tianjin explosion following good performance elsewhere in the book.

Forecast ranges for Syndicates 308 and 557 have deteriorated slightly driven by a reduction to expected premium and adverse claims experience in the quarter. However, Syndicate 557 is still forecasting to deliver a good profit for the year.

ENDS

 

 

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