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Tokio Marine Kiln announces latest Lloyd’s syndicate results and forecasts

Highlights

  • Resubmitted 2019 Syndicate Business Forecast approved by Lloyd’s, recognising improving market conditions
  • Forecast losses for Syndicates 510 and 557 for the 2017 and 2018 years of account reduce as catastrophe reserving position improves during the first half

Tokio Marine Kiln Syndicates Limited today released updated forecasts for the 2017 and 2018 years of account for its three non-aligned syndicates.  

Charles Franks, Chief Executive Officer of Tokio Marine Kiln, said:  

“We have had an excellent start to the second half of the year, opening with the approval of our re-submitted 2019 Lloyd’s business plan. The plan is set in the context of an improving market that is enabling us to demonstrate our skill and value in areas where we see underwriting opportunities. We are also seeing improvements to Syndicates 510 and 557 for the 2017 and 2018 years of account, following positive development on the back years and catastrophe reserves. 

“The restructure of TMK, which was announced in June, enables us to focus on developing our specialist Lloyd’s product portfolio in a market where we have extensive experience and expertise.” 

The previous forecasts, which were announced in May 2019, have been rebased to the same exchange rates (US$1.27 and C$1.66). The forecasts set out below take into account all managing agency and Lloyd’s charges.

 2017 year of account results
 Syndicate Capacity £m  Forecast range as at August 2019 %                Previous forecast range as at May 2019 %                          
510            1,131        -10.9 to -5.9        -12.7 to -7.7
557             35  -26.8 to -21.8 -28.4 to -23.4


The impact of an active catastrophe environment in the second half of the 2017 financial year is reflected in the forecast losses for Syndicates 510 and 557. Syndicate 510 continues to forecast a loss but is showing a minor improvement driven by favourable movements on the closed years. The improvement to Syndicate 557 is driven by favourable claims movements on the open years. 

 2018 year of account forecas
Syndicate Capacity £m

Forecast range as at August 2019 %

Previous forecast range as at May 2019 %
 510  1,137  -5.1 to -0.1 -6.1 to -1.1 
 557  35  -5.0 to -0.0 -9.3 to -4.3


The forecast ranges for Syndicates 510 and 557 reflect improvements to catastrophe loss estimates for the California Wildfires and Hurricane Michael
.


Syndicate 308

Syndicate 308 continues into run-off and TMK is servicing the existing business professionally, ensuring that there is no detriment to policyholders. 

 Syndicate 308 forecasts    
Year of Account Capacity £m Forecast range as at August 2019 % Previous forecast range as at May 2019 %
 2017  31  -53.6 to -48.6 -53.0 to -48.0

 

 

ENDS

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