R J Kiln & Co – Syndicate Results and Forecasts - 29.02.08

R J Kiln & Co Limited, has today  released the final result for its managed syndicates for the 2005 year of account, updated forecasts for the 2006 year of account and initial forecasts for the 2007 year of account.  

2005 Account

Syndicate 510 0.3% profit (previously 3.3% loss)
Syndicate 557 13.9% loss  (previously 13.9% loss)
Syndicate 807  2% loss (previously 4.8% loss)
Syndicate 308 18% profit (previously 16.7% profit)

“The 2005 year of account has closed ahead of our expectations, as set out in our November 2007 estimates in respect of all four Kiln syndicates. In spite of 2005 being the most expensive year for catastrophes on record, Kiln's flagship Syndicate 510 has delivered a small profit on the year. The result for Syndicate 557 is in line with recent forecasts and Syndicates 807 and 308 are at the high end of forecasts, with Life Syndicate 308 delivering an 18% profit on capacity.”

2006 Account Estimates Mid Point

Syndicate 510 14.5% profit (previously 15.8% profit)
Syndicate 557 23.8% profit  (previously 21.8% profit)
Syndicate 807  13% profit (previously 13% profit)
Syndicate 308 8.7% profit (previously 6.4% profit)

“The 2006 year of account continues to develop extremely well and is now on course to produce a good return for all managed syndicates.”

2007 Account Estimates Mid Point

Syndicate 510 8.7% profit
Syndicate 557 9.9% profit
Syndicate 807 12.9% profit
Syndicate 308 5.2% profit

“Our initial forecasts for the 2007 year of account reflect the fact that, although it was a relatively benign underwriting year in terms of US catastrophes, there were considerable weather-related losses around the world, particularly in the United Kingdom. In light of the large amounts of premium yet to be earned for the year, these figures should be regarded as preliminary only and are subject to no significant catastrophes or other adverse developments occurring in the future which may have a detrimental effect on the Kiln portfolio.”
Chief Executive, Charles Franks, commented: "I am delighted to report another strong performance by Kiln syndicates.  In particular, for Syndicate 510 to deliver a profit for the 2005 year of account is an excellent achievement and is a result of high quality, disciplined underwriting by the Kiln teams."

To see the full report click here