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Tokio Marine Kiln announces latest Lloyd’s syndicate forecasts

Highlights

  • Syndicates 510 and 557 each delivered profits on the 2018 YoA.
  • The forecast losses on the 2019 YoA reflect the latest Covid-19 estimates.
  • The forecast for Syndicate 308 on the 2017 YOA (which remains open) is unchanged. 

Tokio Marine Kiln Syndicates Limited today released the final results for its non-aligned syndicates for the 2018 year of account and updated forecasts for the 2019 year of account.

Brad Irick, Chief Executive Officer of Tokio Marine Kiln, said:

“I am pleased that TMK has delivered a profit for the 2018 year of account in the face of what was a very challenging year for the specialist insurance industry.  The 2019 year of account is significantly impacted by Covid-19 as previously reported, which unfortunately countered an otherwise profitable year. We remained focussed and committed to servicing our customers during these difficult times. 

“As we now focus on the year ahead we are optimistic that we are well positioned, in a changing market environment, to capitalise on the opportunities in our targeted growth areas, which we believe will experience healthy and hardening pricing. As always we remain committed to servicing our customers during these rapidly changing times.”

The previous forecasts, which were announced in November 2020, have been rebased to the same exchange rates (US$1.37 and C$1.74). The forecasts set out below take into account all managing agency and Lloyd’s charges.

 

2018 Year of Account Results
 Syndicate Capacity £m  Result (% of Capacity) Previous forecast range as at November 2020 %
 510 1,136 0.7 -3.3 to 1.7
 557  35 3.0 -2.3 to 2.7

 

  • Both Syndicates 510 and 557 show an improvement versus the prior quarter forecast, benefitting from favourable movements on prior year reserve releases and an increase in investment return.

 

2019 Year of Account Forecasts  
 Syndicate Capacity £m  Forecast range as at February 2021 % Previous forecast range as at November 2020 %
 510 1,133 -16.1 to -6.1 -14.4 to -4.4
 557 32 -5.8 to -0.8 -4.2 to 0.8

 

  • Syndicate 510’s forecast reflects deteriorations on existing catastrophes, namely; Covid-19 and Hurricanes Laura and Sally.
  • Deterioration in Syndicate 557’s forecast is driven by large loss activity in the quarter.

 

ENDS

Contact

Laura Guerin

+44 (0)20 7767 2111

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