Apollo Syndicate Management Limited has provided us with updated forecast for the 2017 and 2018 years of Syndicate1969 and SPA 6133. These are as follows:

Syndicate 1969

 

Year of account

Capacity
£000s

Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2017

209,123

-30.0% to -25.0%

-30.0% to -25.0%

unchanged

2018

225,000

-8.0% to +2.0%

No forecast at this stage

 SPA 6133

 

Year of account

Capacity
£000s

Forecast Range

Previous Forecast
Range

 

2018

35,000

-50.0% to -30.0%

No forecast at this stage

Although there was not a formal forecast made at the end of December 2018, the managing agent did make a cash call of 45% of capacity on the 2018 year of SPA 6133. The cash call statement included a statement to the effect that the projected loss was 59.4% of capacity. Initial reserves for last year’s catastrophe events have proved to be conservative and the estimated loss is now 40% at midpoint.

We expect the full listing of syndicate estimates for the 2017 and 2018 years of account to be released by Lloyd’s on Wednesday 15th May. A list of all syndicate estimates received to date is attached here. As usual, all syndicate estimates are presented as a percentage of syndicate allocated capacity and after all standard personal expenses, but before members’ agents’ fee and charges.