- 1 weeks
- 2 weeks
Buying cyber insurance in MENA will be the topic for TMK's cyber underwriter Alex Jomaa along with a panel of exper… https://t.co/XXKsdDXdbx
- Syndicates 510 and 557 each delivered profits on the 2016 year of account
- The 2017 year of account forecast for Syndicates 510 and 557 reflects the US hurricane losses
- Syndicate 308 is loss-making on both the 2016 and 2017 years of account, with the 2017 year of account reflecting the impact of the run-off book
Tokio Marine Kiln Syndicates Limited today released the final results for its non-aligned syndicates for the 2016 year of account and updated forecasts for the 2017 year of account.
Charles Franks, Chief Executive Officer of Tokio Marine Kiln, said:
"For the 2016 year of account all three syndicates are showing a small improvement, owing to a stable quarter in our back-year development and the effect of lower ultimate losses for the 2017 Q3 catastrophes. Our Claims teams continue to work hard to handle remaining losses and support our customers quickly and compassionately.
"On the pricing front we have, like others, seen some improvements in selected areas but the overall market remains tough and competitive. In keeping with our long-held stance on discipline and bottom-line focus, we have realigned our underwriting teams on those markets and lines of business that are showing the best medium to long-term business opportunities for us and reduced our presence in other marginal parts of the account.
"Syndicate 308 continues into run-off and we are servicing the existing business professionally and will ensure that there is no detriment to policyholders as a result of this action.”
The previous forecasts, which were announced in November 2018, have been rebased to the same exchange rates (US$1.27 and C$1.74). The forecasts set out below take into account all managing agency and Lloyd’s charges.
|2016 year of account results|
|Syndicate||Capacity £m||Result (% of capcity)||Previous forecast range as at November 2018 %|
|510||1,062||4.4||0.6 to 5.6|
|557||35||25.7||13.5 to 18.5|
|308||32||-9.5||-16.9 to -11.9|
All syndicates are showing an improvement on their previous forecasts, having benefited from some prior year reserve release. Whilst showing some improvement, the 308 result is still disappointing.
|2017 year of account forecasts|
|Syndicate||Capacity £m||2017 year of account forecast range %||Previous forecast range as at February 2018 %|
|510||1,131||-14.6 to -9.6||-12.9 to -7.9|
|557||34||-29.6 to -24.6||-32.8 to-27.8|
|308||31||-54.4 to -49.4||-54.9 to -49.9|
The 2017 performance of Syndicates 510 and 557 was significantly affected in 2017 by the HIM storms, Mexican earthquakes and Californian wildfires. In 2018 our account was again subject to further hurricanes and wildfires which have affected the 2017 forecast and will be reflected in future forecasts for the 2018 year of account.
+44 (0)20 7562 4444