TMK releases Lloyd’s syndicate results and forecasts

Tokio Marine Kiln Syndicates Limited has announced the latest numbers for Lloyd’s Syndicates 510, 557, and 308.   

According to freshly released results and forecasts, here’s what the three non-aligned syndicates look like for years of account (YOA) 2016 and 2017:

Capacity

• Syndicate 510 – 2016: £1,062 million; 2017: £1,131 million 
• Syndicate 557 – 2016: £35 million; 2017: £34 million
• Syndicate 308 – 2016: £32 million; 2017: £31 million

Forecast range

• Syndicate 510 – 2016: -1.1 to 3.9; 2017: -12.4 to -7.4
• Syndicate 557 – 2016: 13.3 to 18.3; 2017: -31.2 to -26.2 
• Syndicate 308 – 2016: -14.6 to -9.6; 2017: -54.8 to -49.8

“For the 2016 YOA all three syndicates are showing a small improvement,” noted Tokio Marine Kiln chief executive Charles Franks. “This is because of a stable quarter in our back-year development, and in particular reducing ultimate losses for the 2017 Q3 catastrophes. Our claims teams continue to work hard to handle remaining losses and support our customers quickly and compassionately.

“On the pricing front we have, like others, seen some improvements in selected areas but the overall market remains tough and competitive. In keeping with our long-held stance on discipline and bottom-line focus, we have realigned our underwriting teams on those markets and lines of business that are showing the best medium- to long-term business opportunities for us and reduced our presence in other marginal parts of the account.”

Syndicate 557, for instance, remains on course to make a good profit as it has had little exposure to the 2017 catastrophes on the 2016 YOA. Meanwhile all the forecasts took into account all managing agency and Lloyd’s charges.

“Syndicate 308 continues into run-off and we are servicing the existing business professionally and will ensure that there is no detriment to policyholders as a result of this action,” added Franks.