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- Syndicates 510 and 557 remain on course to deliver profits on the 2014 and 2015 years of account
- These forecasts include early estimates on Hurricane Matthew which took place in early October
Tokio Marine Kiln Syndicates Limited (TMKS) has released updated forecasts for the 2014 and 2015 years of account for its three non-aligned syndicates.
Charles Franks, Chief Executive Officer of TMKS, said: “In spite of difficult market conditions our account continues to perform well. Hurricane Matthew had the potential to be a considerable loss for the market at one stage, but ultimately skirted Florida. The claims fall principally to the 2016 year of account and are estimated to be within our catastrophe allowance.”
The previous forecasts, which were announced in August 2016, have been rebased to the same exchange rates (US$1.30 and C$1.71). The forecasts set out below take into account all managing agency and Lloyd’s charges.
|2014 year of account forecasts|
|Syndicate||Capacity||2014 year of account forecast range %||Previous forecast range as at August 2016 %|
|510||1,064||10.3 to 15.3||9.1 to 14.1|
|557||39||21.2 to 26.2||20.9 to 25.9|
|308||32||-0.4 to 4.6||0.0 to 5.0|
Syndicate 510 has seen an improvement in the forecast range with the recognition of a foreign exchange gain and favourable claims development on both the open and closed years following a benign quarter. Syndicate 557 remains stable and on course to make a profit.
|2015 year of account forecasts|
|Syndicate||Capacity||2015 year of account forecast range %||Previous forecast range as at August 2016 %|
|510||1,063||4.5 to 9.5||4.6 to 9.6|
|557||35||22.2 to 27.2||23.2 to 28.2|
|308||32||-6.1 to -1.1||-5.9 to -0.9|
The forecast range for Syndicate 510 remains stable despite exposure to Hurricane Matthew. Syndicate 557 remains on course to make a profit with a small deterioration in the quarter due to a reduction in expected premium income.