Atrium Syndicate 609 updated forecasts

Atrium has released updated 2021 and 2022 Year of Account forecasts for Syndicate 609, as follows;

Atrium met Hampden Underwriting Research recently to advise that it will be leaving the 2021 Year open at this stage, as 2021 is the Year of Account that could be most impacted by the possible claims arising out of the western leased aircraft in Russia. HUR will release a bulletin with detailed analysis of the situation in early March together with all other syndicate results and forecasts.

Whilst Atrium has not changed its overall view of coverage, it has further work to complete with relevant subject matter experts in order to accurately manage syndicate reserves. The reserving approach it has taken is consistent with that taken for the year end 31^st Dec 2022. The outcome of the reserving exercise is included within the +5.0% to +15.0% forecast.

Atrium comments, “the 2021 year of account will remain open until the level of reserve sensitivity to downside risk normalises. There will be no early release of profits recognised to date.

The current forecast range for the 2022 year of account takes account of the fact that it is unlikely that this year of account will benefit from the reinsurance to close of the 2021 year of account, including estimates of prior year development and investment return associated with the prior year reserves."