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• Syndicates 510 and 557 have shown improvements on the 2015 year of account following a benign quarter
• All syndicates are forecast to deliver profits for the 2016 year of account
• Focused on disciplined underwriting and creating growth opportunities in 2017
Tokio Marine Kiln Syndicates Limited today released updated forecasts for the 2015 and 2016 years of account for its three non-aligned syndicates.
Charles Franks, Chief Executive Officer of Tokio Marine Kiln, said: “While market conditions remain challenging, we are creating opportunities through our focus on disciplined underwriting and innovation. Our One TMK digital platform, which provides access to a range of specialist insurance products from our broad portfolio, is showing encouraging results following its launch last year and we are actively embracing the changes being driven by market modernisation and digital transformation, which will benefit experienced and agile insurers in the future.”
The previous forecasts, which were announced in February 2017, have been rebased to the same exchange rates (US$1.25 and C$1.67). The forecasts set out below take into account all managing agency and Lloyd’s charges.
|2015 year of account forecasts
|2015 year of account forecast range %||Previous forecast range as at February 2017 %|
|510||1,063||7.0 to 12.0||5.8 to 10.8|
|557||35||24.5 to 29.5||23.6 to 28.6|
|308||32||-8.6 to -3.6||-5.6 to -0.6|
Syndicates 510 and 557 have shown improvement as a result of favourable claims development, primarily on the closed years following a benign quarter. The forecast range for Life Syndicate 308 has fallen due to adverse claims experience.
|2016 year of account forecasts
|2016 year of account forecast range %||Previous forecast range as at February 2017 %|
|510||1,062||-0.5 to 4.5||-0.6 to 4.4|
|557||35||9.0 to 14.0||8.0 to 13.0|
|308||32||-0.3 to 4.7||0.4 to 5.4|
Syndicate 557 remains on course to make a profit with an improvement driven by favourable claims experience following a benign quarter.