Syndicate 386 updated forecasts

QBE Underwriting Limited has provided us with updated forecasts for the open years of syndicate 386.

These are as follows:

QBE adds that the worsening of the forecast on the 2021 year follows a downward revision of expected investment income for the year as well as the strengthening of prior year reserves for Irish and Australian liability portfolios. The forecast includes benefit from a legacy transaction announced in February this year for 2021 and prior underwriting years’ financial lines portfolios. The forecast for 2022 is materially unchanged from that made at the end of March.

Syndicate forecasts are expressed as a percentage of syndicate capacity and are after all standard personal expenses but before members’ agents’ charges.