Syndicate 386 Results and Forecasts

QBE Underwriting Limited has provided us with the result for the 2020 year of account and an update for the 2021 account of Syndicate 386.

These are as follows:

QBE comments that the 2020 account deterioration on the previous quarter arises following a worsening of the investment contribution, an increase in the allowance for inflation, a reduction in expected reinsurance recoveries and a strengthening of reserves for UK liability business. The last item incorporates a provision for delay in the reporting of claims following covid.

A schedule of results received to date is available here. All syndicate results and forecasts are expressed as a percentage of allocated capacity and after all standard personal expenses but before members’ agents’ charges.