Lancashire Syndicates Limited has provided us with the result of syndicate 2010’s 2019 account and an updated forecast on the 2020 year of account at the 24 month stage. These are as follows:

Year of account

Capacity
£000s

Result/Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2019

305,943

-0.5% loss

-10.0% to 0.0%

4.5 points better

2020

305,877

-9.0% to 1.0%

-12.5% to 2.5%

1 points better

Syndicate results and forecasts are expressed as a percentage of allocated capacity and are after all standard personal expenses but before members’ agents’ charges. The final result for the 2019 year of account is a loss of US$2.2m

Lancashire adds that uncertainty remains around the ultimate result for 2020 given the exposure to covid-19 related losses.

The 2021 account remains on risk and the managing agent will provide an initial forecast with the first quarter statistics, which be available in May.

The syndicate recorded a combined ratio of 106.3% for the twelve months to 31 December 2021. The combined ratio to 31 December 2020 was 104.6%. The syndicate reports and accounts, which are prepared in US dollars, will be available before the end of March.