QBE released the following estimates for Syndicate 386
|Latest Forecast||Previous Forecast||Mid Point Movement|
|Syn 386||2020||-6.6% to -1.6%||+0.2% to +5.2%||-6.8%|
|2021||+12.7% to +17.7%||+11.1% to +16.1%||+1.6%|
"The 2020 & prior year mid-range forecast loss of -4.2% of capacity is down on +2.7% previous, reflecting a £21.6m negative movement in the period, comprising:
- £10.1m investment forecast reduction due to continued adverse market movements on the syndicate’s Fixed Income assets.
- £14.9m adverse prior year large loss experience arising from both PI and International Liability accounts.
- £3.4m benefit from GWP and Non-technical account improvements
The 2021 pure year mid-range profit forecast is +15.2% of capacity vs +13.6% previous, reflecting positive year to date experience. Investment profit contribution has been maintained at zero and will remain subject to quarterly review."