Hiscox plc has released results and updated forecasts for Syndicates 33 and 6104 as follows.

Syndicate 33

 

Year of account

Capacity
£000s

Result/ Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2016

998,840

7.5%

-5.0% to 5.0%

7.5 points better

2017

1,147,315

-10.0% to 0.0%

-10.0% to 0.0%

unchanged

2018

1,600,000

-10.0% to 0.0%

   

 Syndicate 6104

 

Year of account

Capacity
£000s

Result/ Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2016

55,534

28.9%

30.0% to 40.0%

6.1 points worse

2017

54,490

-35.0% to -25.0%

-40.0% to -30.0%

5.0 points better

2018

57,000

-50.0% to -40.0%

   

Results and forecasts are expressed as a percentage of syndicate allocated capacity and are after all standard personal expenses but before members’ agents’ fees and charges.

Hiscox is the only managing agent this year to have provided a preliminary forecast for the 2018 year of account after 12 months; formal forecasts are not required by Lloyd’s until the 15 month stage and we will receive these from all syndicates in May. A large part of the exposure to the 2018 account remains on risk through much of 2019 and our experience has been that Hiscox forecasts at this stage are conservative. The reinsurance account, written by Syndicate 33 but partially reinsured into Syndicate 6104 has been impacted by a series of natural catastrophes during 2018, including hurricanes Florence and Michael in the USA, wildfires in California and typhoons Jebi, Trami and Mangkhut in Japan.

The complete schedule of results received to date is available here.