Nov 08, 2019
Tokio Marine Kiln - latest Lloyd's syndicate results and forecasts
Tokio Marine Kiln has announced the updated forecasts for the 2017 and 2018 years of account for its managed syndicates 510, 557 & 308 as follows:-
Overview:
- Improvements to Syndicates 510 and 557 for the 2017 Year of Account driven by back year releases
- 2018 Year of Account forecast losses reflect the impact of the California Wildfires and Hurricanes Michael and Florence
- Focused on delivering the resubmitted 2019 Syndicate Business Forecast to capitalise on improving market conditions
2017 Year of Account
Syndicate | Latest forecast as at 30 September 2019 | Previous forecast* |
510 | (6.6%) to (1.6%) | (11%) to (6%) |
557 | (27.1%) to (22.1%) | (27.4) to (22.4%) |
| 308** | (52.6%) to (47.6%) | (53.7%) to (48.7%) |
2018 Year of Account
Syndicate | Latest forecast as at 30 September 2019 | Previous forecast* |
510 | (5%) to 0% | (5%) to 0% |
557 | (4.5%) to 0.5% | (4.9) to (0.1%) |
Charles Franks, Chief Executive Officer of Tokio Marine Kiln, said: “We enter the renewal season against a backdrop of improving market conditions with a clear focus on delivering our resubmitted business plan. With a new strategy and an outstanding leadership team, TMK is in a strong position to tackle the challenges and opportunities ahead.”
*The previous forecasts, which were announced in August 2019, have been rebased to the same exchange rates (US$1.23 and C$1.63). The forecasts set out below take into account all managing agency and Lloyd’s charges.
**Syndicate 308 continues into run-off and TMK is servicing the existing business professionally, ensuring that there is no detriment to policyholders.
To view the full press release please click here