Beazley announces results for Lloyd’s Syndicate 6107
The board of Beazley Furlonge Limited, managing agency for syndicate 6107, announces the following results on behalf of the syndicate, which writes business on behalf of Names at Lloyd's.
During the year ended 31 December 2015, syndicate 6107 recognised total gains of USD$8.2m (2014: USD$7.0m) while recording a combined ratio of 70% (2014: 65%).
The 2013 underwriting year is now closed and has returned 17.4% on capacity. The 2014 underwriting year continues to benefit from a relatively benign natural catastrophe claims environment and is currently forecasting to close with a return of capacity of 20%. The 2015 underwriting year has so far experienced lower than usual claims notifications and we expect the year to close with a strong profit, assuming there are no major catastrophe events during the remainder of the exposure period.
Neil Maidment, Beazley Group's acting chief executive officer, commented,
"Syndicate 6107 delivered another strong underwriting result in 2015, aided by the lower than average natural catastrophe claims notifications experienced over the past two years. The return on capacity of 17.4% on the 2013 underwriting year represents a good return for members in what continues to be a very competitive market place. We expect these competitive pressures to continue in 2016, with margins expected to tighten. This means that our underwriting strategy of exercising discipline in areas where pricing pressure is most severe will continue to be of great importance."