- 3 days
- 1 weeks
Happy Christmas to all of our clients and business partners around the world. We look forward to working with you i… https://t.co/OgkGVRDA64
- All syndicates are forecast to deliver profits for the 2014 year of account
- Syndicates 510 and 557 remain on course to deliver profits on the 2015 year of account despite exposure to the Canadian Wildfires
Tokio Marine Kiln Syndicates Limited (TMKS) has released updated forecasts for the 2014 and 2015 years of account for its three non-aligned syndicates.
Charles Franks, Chief Executive Officer of TMKS, said: “Our commitment to a consistent underwriting approach shows through in these forecasts, as with earlier ones. There have been a number of catastrophe events in the second quarter, the most significant for us being the Canadian Wildfires. The slight adjustment to our forecasts reflects these losses.”
The previous forecasts, which were announced in May 2016, have been rebased to the same exchange rates (US$1.34 and C$1.74). The forecasts set out below take into account all managing agency and Lloyd’s charges.
|2014 year of account forecasts|
|Syndicate||Capacity||2014 year of account forecast range %||Previous forecast range as at May 2016 %|
|510||1,064||8.6 to 13.6||7.9 to 12.9|
|557||39||20.1 to 25.1||19.7 to 24.7|
|308||32||0.0 to 5.0||0.4 to 5.4|
Syndicates 510 and 557 have shown improvement as a result of favourable claims development in both open and closed years following a benign quarter.
The forecast range for Life Syndicate 308 has fallen marginally following some adverse movements on premium income and claims experience.
|2015 year of account forecasts|
|Syndicate||Capacity||2015 year of account forecast range %||Previous forecast range as at May 2016 %|
|510||1,063||4.2 to 9.2||5.3 to 10.3|
|557||35||22.2 to 27.2||24.3 to 29.3|
|308||32||-5.9 to -0.9||-6.6 to -1.6|
The forecast ranges for Syndicates 510 and 557 have deteriorated driven by adverse claims experience following Canadian Wildfire losses. Life Syndicate 308 has shown an improvement following good attritional performance.