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May 20, 2020

Syndicate 2121 updated 2018 Account estimate and 2019 Account estimate

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Argenta Syndicate Management ("ASML") has released an updated 2018 Account estimate and a first 2019 Account estimate

2018 Year of Account

Managing Agency Syndicate Latest forecast Previous mid-point forecast
ASML 2121 -13.50% to -3.5%

-7.25%

2019 Year of Account

Managing Agency Syndicate Forecast
ASML 2121 -12.5% to +2.5%

ASML has provided an accompanying comment with the estimates, as follows:

"The movement on the 2018 account is attributed to lower anticipated investment earnings following reduction in interest rates in recent weeks. Investment earnings are also expected to be lower in 2019. The vast majority of the anticipated Covid-19 claims activity, arising out of the syndicate’s trade credit and property accounts, falls to the 2019 year. As the syndicate writes much of its US property exposures under delegated authorities, values at risk for the 2019 account are substantial throughout the 2020 wind season, so the syndicate is carrying a large catastrophe load until this business runs off."