- 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, 557 and 308 each delivered profits for the 2012 year of account
- Syndicates 510 and 557 are forecast to deliver profits for the 2013 and 2014 years of account
- Current market conditions reinforce the need for disciplined underwriting with customers at its core
- Tokio Marine Kiln is well positioned to address the challenges and opportunities of 2015
Tokio Marine Kiln Syndicates Limited, formerly R J Kiln and Co Limited, today released the final results for its three non-aligned syndicates for the 2012 year of account, updated forecasts for the 2013 year of account and initial forecasts for the 2014 year of account.
Charles Franks, Group Chief Executive Officer of Tokio Marine Kiln, said: “I am delighted to report that
Tokio Marine Kiln has continued to deliver good returns despite the challenging trading environment, supported by our strong product portfolio, an empowered approach to underwriting and our focus on delivering excellent customer service.
“Syndicates 510, 557 and 308 have delivered a profit for the closing 2012 year of account, which saw the 50th anniversary of Kiln. The forecasts for the 2013 year of account remain stable and the initial forecasts for the 2014 year of account look promising following a relatively benign catastrophe year.
“Despite softening market conditions and increased competition, our underwriters have maintained their focus on professional underwriting, which has contributed to these positive results. In an environment in which scale has become increasingly important, our decision to integrate with Tokio Marine Europe and rebrand as Tokio Marine Kiln strengthens our business proposition and aligns us with the security of a globally recognised brand, which will help to ensure that we remain well positioned for the challenges and opportunities ahead.”
The previous forecasts, which were announced in November 2014, have been rebased to the same exchange rates (US$1.56 and C$1.81). The forecasts set out below take into account all managing agency and Lloyd’s charges.
|2012 year of account results|
|Syndicate||Capacity £m||Result (% of capacity)||Previous forecast as at November 2014 %|
|510||1,062||8.5||5.3 to 10.3|
|557||56||5.8||2.7 to 7.7|
|308||23||6.3||2.6 to 7.6|
Syndicates 510 and 557 delivered profits, despite incurring significant losses from Superstorm Sandy and several smaller catastrophe events. This was due to an excellent attritional loss ratio demonstrating the strength of their underlying book as well as favourable claims run-off on the 2011 and prior years of account.
Syndicate 308 reported a result at the upper end of the range previously forecast, due to releases on the prior years of account.
|2013 year of account forecasts|
|Syndicate||Capacity £m||2013 year of account forecast range %||Previous forecast as at November 2014 %|
|510||1,064||5.6 to 10.6||5.4 to 10.4|
|557||46||9.8 to 14.8||10.0 to 15.0|
|308||27||-3.5 to 1.5||-3.5 to 1.5|
The forecast ranges for each of the syndicates remained in line with the previous forecast as at November.
|2014 year of account forecasts|
|2014 year of account forecast range %|
|510||1,064||0.5 to 10.5|
|557||39||10.7 to 20.7|
|308||32||-2.5 to 7.5|
The syndicates have benefited from a relatively benign catastrophe year, and at this early stage the mid-point ranges for all syndicates indicate that they are each forecast to deliver a profit.
Despite pressure on rates and increased competition in the market, Tokio Marine Kiln is experienced in managing the business through these challenging market conditions.