Tokio Marine Kiln announces 2019 Account results and updated 2020 Account forecasts
TMK has issued the 2019 Account results for its managed Syndicates 510 and 557 as well as updated forecasts for the 2020 Account as follows:
| 2019 Year of Account results | |||
| Syndicate | Capacity £m | Result (% of Capacity) | Previous forecast range as at November 2021 % |
| 510 | 1,133 | -3.8 | -7.4 to -2.4 |
| 557 | 32 | 1.9 | -0.5 to 4.5 |
| 2020 Year of Account Forecasts | |||
| Syndicate | Capacity £m | Forecast range as at February 2022 % | Previous forecast range as at November 2021 % |
| 510 | 1,303 | -2.5 to 2.5 | -2.5 to 2.5 |
| 557 | 40 | -13.2 to -8.2 | -13.2 to -8.2 |
The previous forecasts, which were announced in November 2021, have been rebased to the same exchange rates (US$1.35 and C$1.71).
Brad Irick, Chief Executive Officer of Tokio Marine Kiln, said:
“We are pleased to report that Syndicate 557 delivered a profit on the 2019 Year of Account. The loss for Syndicate 510 in the 2019 Year of Account and the forecasts for 2020 reflect the impact of Covid-19. Our results excluding Covid-19 losses are strong and give us confidence about the future.
“Looking forward, our efforts to rebalance and diversify the portfolio and leverage positive rates in lines we are focused on, is delivering excellent results. Our focus on disciplined underwriting enhanced through analytics, innovation and the bottom line will serve us well through 2022 and beyond.”
TMKS intends to close Syndicate 308 2017 YoA at 31 December 2021, with an improved result to the previous forecast, subject to approval.