We have received results from Cincinnati Global Underwriting in respect of Syndicate 318 and from Premia Managing Agency, the run off manager for Syndicate 1884. These are as follows:

Cincinnati Syndicate 318

Year of account

Capacity
£000s

Result/Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2018

234,140

-6.5% loss

-12.7% to -7.7%

3.7 points better

2019

233,553

-8.6% to -3.6%

-6.8% to -1.8%

1.8 points worse

The GAAP accounted result for the calendar year to 31 December is a loss of £17m at a combined ratio of 114%.

Standard Syndicate 1884

Year of account

Capacity
£000s

Result

Previous Forecast
Range

Change at
Midpoint

2018

99,985

-35.4% loss

-50.0% to -35.0%

7.1 points better

The 2018 account was the final year of this syndicate’s operation. The account has been closed into a specialist run-off syndicate, ending members’ involvement.

A summary of results advised to date is attached here.

As a reminder, all results and forecasts are expressed as a percentage of syndicate capacity and are after all standard personal expenses but before members’ agents’ fees.