Brad Irick, Chief Executive Officer of Tokio Marine Kiln, said:

“I am pleased that TMK has delivered a profit for the 2018 year of account in the face of what was a very challenging year for the specialist insurance industry. The 2019 year of account is significantly impacted by Covid-19 as previously reported, which unfortunately countered an otherwise profitable year. We remained focussed and committed to servicing our customers during these difficult times.

“As we now focus on the year ahead we are optimistic that we are well positioned, in a changing market environment, to capitalise on the opportunities in our targeted growth areas, which we believe will experience healthy and hardening pricing. As always we remain committed to servicing our customers during these rapidly changing times.”

2018 Account Results

Both Syndicates 510 and 557 show an improvement versus the prior quarter forecast, benefitting from favourable movements on prior year reserve releases and an increase in investment return.

2019 Account Forecasts

Syndicate 510’s forecast reflects deteriorations on existing catastrophes, namely; Covid-19 and Hurricanes Laura and Sally.

Deterioration in Syndicate 557’s forecast is driven by large loss activity in the quarter.

Syndicate 308

The forecast for Syndicate 308 on the 2017 Account is unchanged.