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Aug 10, 2023

QBE Syndicate 386 updated forecast

Image for QBE Syndicate 386 updated forecast

QBE has released an updated forecast for Syndicate 386

Latest Forecast Previous Forecast Mid Point Movement
Syn 386 2021 +7.6% to +12.6% +14.9% to +19.9% -7.3%
2022 +8.3% to +13.3% +8.2% to +13.2% +0.1%

QBE's comment on the 2021 deterioration is as follows:

“The 2021 & prior year mid-range profit forecast of +10.1% is down on previous +17.4% due to prior year reserve deteriorations in both Irish Liability and non-abuse Australian Liability portfolios, coupled with a reduced investment return forecast. This forecast also includes a P&L benefit arising from the previously reported legacy transaction, the reinsurance premium for which equated to the undiscounted reserves. The year-to-date benefit reflects release of associated inherent reserve margin held against these reserves.”

Hampden will investigate further and report to our clients in the usual quarterly estimates bulletin.