Tokio Marine Kiln, the international insurance and reinsurance underwriting group, has released its latest Lloyd’s syndicate forecasts.
The updated forecasts include early estimates on October’s Hurricane Matthew, and indicate that two of its syndicates remain on course to deliver profits on the 2014 and 2015 years of account.
Syndicate 510’s forecast range remains stable despite exposure to Hurricane Matthew, and Syndicate 557 remains on course to make a profit, with a small deterioration in the quarter, due to a reduction in expected premium income, the company said.
“In spite of difficult market conditions our account continues to perform well. Hurricane Matthew had the potential to be a considerable loss for the market at one stage, but ultimately skirted Florida,” Charles Franks, chief executive officer of TMKS, said in a statement.
“The claims fall principally to the 2016 year of account and are estimated to be within our catastrophe allowance,” he added.
Syndicate 510 has seen an improvement in the forecast range with the recognition of a foreign exchange gain and favourable claims development on both the open and closed years following a benign quarter, TMKS said.
The updated forecasts reflect the 2014 and 2015 years of account for its three non-aligned syndicates.
The previous forecasts, which were announced in August 2016, were rebased to the same exchange rates (US$1.30 and C$1.71), and the updated results take into account all managing agency and Lloyd’s charges.
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