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May 21, 2020

TMK syndicates 510 and 557 updated 2018 and 2019 Account estimates

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Tokio Marine Kiln ("TMK") has released updated 2018 and 2019 Account estimates (with extended ranges on Syndicate 510 to reflect the uncertainty surrounding the impact of Covid-19) as below.

The previous forecasts, which were announced in February 2020, have been rebased to the same exchange rates (US$1.24 and C$1.77).

The forecasts set out below take into account all managing agency and Lloyd’s charges.

2018 Year of Account

Managing Agency Syndicates Latest forecasts May 2020
Previous forecasts Feb 2020
TMK
510
-6.9% to 0.6%

-5.4% to -0.4%

TMK
557
-3.0% to 2.0%
-3.8% to 1.2%





  • The movement in the forecast range for Syndicate 510 is driven by the impact of Covid-19.
  • Improvements in Syndicate 557 are driven by favourable movements on the closed years.


2019 Year of Account

Managing Agency Syndicates Latest forecasts May 2020
Previous forecasts Feb 2020
TMK
510 -11.4% to -1.4%
0.7% to 5.7%

TMK

557
9.9% to 14.9%

16.8% to 21.8%




  • Syndicate 510’s forecast result is reflective of the current Covid-19 pandemic, suffering losses in relation to business disruption and event cancellations.
  • Deterioration in 557 driven by initial Covid-19 loss estimates.

Brad Irick, Chief Executive Officer of Tokio Marine Kiln, said: “These latest forecasts are the first from TMK to reflect the effects of Covid-19. Although TMK has not been immune to impact of the pandemic, our underwriting teams are continuing to emphasise strict underwriting discipline, whilst enabling our clients to get back on line and support the economy."


“The pandemic has demonstrated the critical role that the insurance industry plays in supporting people, businesses and industries, and we are committed to supporting our clients through this fluid situation, ensuring that all valid claims are paid fairly and swiftly.”

Click here for the full announcement.

The forecast for Syndicate 308 on the 2017 YOA (which remains open) is unchanged. We will add this to the table as soon as possible.