Atrium Syndicate results and updated forecasts as at 31st December 2024

Atrium Underwriters Limited has provided us with an update on the open 2021 year of account, the result for the 2022 year of account and on the 2023 year forecast for syndicate 609.

They are as follows:

The 2021 year of account continues to be a complex situation with ongoing litigation in multiple jurisdictions in respect of claims arising from western aircraft leased to airlines in Russia. Some key factors have yet to be resolved in this case which provide too many variations to the reserves the syndicate have currently booked. Therefore, the decision has been made to leave this year of account open at 31/12/24, and until reserve sensitivity has normalised and a more confident estimate can be made of outstanding liabilities.

The final result for the 2022 year of account is a profit of 18.7%, subject to audit. This is a small improvement on the forecasts as at 30^th September 2024 with a 1.2% increase on the previous midpoint. Due to the 2021 year of account remaining open, the 2022 year will not benefit from a release of surplus old year reserves or investment income. Nonetheless, this remains a healthy return.

The 2023 year of account has now finished its second open year and the syndicate has improved their forecasts by 2.5%, estimating a strong year of returns to follow the 2022 result. Similar to the 2022 result, the forecast takes into account the fact it is unlikely the year will benefit from prior year developments and investment returns.

The forecasts are based on data to 31^st December 2024 and are expressed as a percentage of syndicate allocated capacity after all standard personal expenses but before members’ agents’ charges. 

Atrium is the first syndicate to share their latest results and forecasts and we expect to receive more over the coming weeks. These will be shared as and when we are in receipt of them but please see the below table of key dates over February and March for your diaries: