QBE Underwriting Limited has provided us with the result of Syndicate 386’s 2016 year of account and an updated forecast in respect of the 2017 account as follows:

 

year of account

Capacity
£000s

Result/ Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2016

352,164

8.6%

3.6% to 8.6%

2.5 points better

2017

316,636

10.6% to 15.6%

8.5% to 13.5%

2.1 points better

2018

317,000

No forecast at this stage

QBE says the claims’ development on the 2016 pure year was better than anticipated as was the investment return for the year. The benign claims development has also permitted the managing agency to improve the forecast for 2017.

As usual, all results and forecasts are expressed as a percentage of capacity and are after all standard personal expenses other than members’ agents’ fees and charges.