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Tokio Marine Kiln - latest Lloyd's syndicate results and forecasts

February 15, 2019

Tokio Marine Kiln - latest Lloyd's syndicate results and forecasts

Tokio Marine has announced the final results for the 2016 year of account and latest forecasts for the 2017 year of account for its managed syndicates 510, 557 & 308, as follows:-

2016 Year of Account

SyndicateResult as at 31 December 2018Previous forecast *
5104.4%0.6% to 5.6%
55725.7%13.5% to 18.5%
308(9.5%)(16.5%) to (11.9%)

2017 Year of Account

SyndicateLatest forecast as at 31 December 2018Previous forecast *
510(14.6%) to (9.6%)(12.9%) to (7.9%)
557(29.6%) to (24.6%)(32.8%) to (27.8%)
308(54.4%) to (49.4%)(54.9%) to (49.9%)

*The previous forecasts have been rebased to the same exchange rates (US$1.27 and C$1.74). The forecasts set out below take into account all managing agency and Lloyd’s charges.

Commenting on the results Charles Franks, Chief Executive Officer of Tokio Marine Kiln, said:

"For the 2016 year of account all three syndicates are showing a small improvement, owing to a stable quarter in our back-year development and the effect of lower ultimate losses for the 2017 Q3 catastrophes. Our Claims teams continue to work hard to handle remaining losses and support our customers quickly and compassionately.

On the pricing front we have, like others, seen some improvements in selected areas but the overall market remains tough and competitive. In keeping with our long-held stance on discipline and bottom-line focus, we have realigned our underwriting teams on those markets and lines of business that are showing the best medium to long-term business opportunities for us and reduced our presence in other marginal parts of the account.

Syndicate 308 continues into run-off and we are servicing the existing business professionally and will ensure that there is no detriment to policyholders as a result of this action.”

Tokio Marine Kiln also commented:

"The 2017 performance of Syndicates 510 and 557 was significantly affected in 2017 by the Harvey, Irma and Maria storms, Mexican earthquakes and Californian wildfires. In 2018 our account was again subject to further hurricanes and wildfires which have affected the 2017 forecast and will be reflected in future forecasts for the 2018 year of account."