QBE Underwriting Limited has released the result for 2020 Account and updated forecasts for 2021 Account for Syndicate 386
|Result / Latest Forecast||Previous Forecast||Mid Point Movement|
|Syn 386||2020||-9.5%||-6.6% to -1.6%||-5.3%|
|2021||+10.9% to +15.9%||+12.7% to +17.7%||-1.8%|
The audited result for the 2020 closing year is a loss to Names of 9.5% of capacity (including standard personal expenses and members’ agents’ fees), relative to a previously advised mid-range forecast loss of 4.2%. This reflects further negative investment contribution in the quarter, coupled with adverse prior year development driven by:
- an increase in the excess inflation allowance
- strengthening on UK Liability business in response to Covid related reporting delays lasting longer than previously anticipated
- a reduction in anticipated RI recoveries
The 2021 pure year mid-range profit forecast of +13.4% is slightly down on previous +15.2%.
Further details regarding the audited result at 31 December 2022 will be contained within the 2022 Syndicate Report & Accounts due for distribution at the end of March.