Managing Agency Partners Limited is the first managing agent to report results for the 2015 year of account, alongside updated forecasts for the 2016 year of account as follows:

Syndicate 2791

 

year of account

Capacity
£000s

Result/
Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2015

399,441

11.8% profit

6.0% to 11.0%

3.3 points better

2016

399,118

0.0% to 5.0%

0.0% to 5.0%

unchanged

 Syndicate 6103

 

year of account

Capacity
£000s

Result/
Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2015

12,466

30.7% profit

25.0% to 35.0%

0.7 points better

2016

13,905

12.5% to 22.5%

12.5% to 22.5%

unchanged

The result for the 2015 account of Syndicate 2791 includes a release from reserves for the 2014 and earlier years of account of £12.1m (equivalent to 3% of capacity). The reinsurance to close of Syndicate 6103 is paid to Syndicate 2791.

A forecast for the 2017 account of the two syndicates will be made on the basis of the figures as at 31 March 2018.

Syndicate results and forecasts are based on an exchange rate of US$1.35:£1. They are expressed as a percentage of allocated capacity and are after all members’ standard personal expenses other than members’ agents’ fees and charges.

The combined ratio for Syndicate 2791’s 2017 calendar year under UK GAAP is 111.7%.