Beazley announces results for Lloyd’s Syndicate 623
The board of Beazley Furlonge Limited, managing agency for syndicate 623, 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 623 recognised total gains of USD$46.6m (2014: USD$43.8m) while recording a combined ratio of 84% (2014: 87%).
The 2013 underwriting year is now closed and has returned 10.8% on capacity. The 2014 underwriting year currently forecasts a 5% return on capacity. The 2015 underwriting year is developing in line with expectations and we are forecasting a return of capacity of 5.0% at this early stage.
Neil Maidment, Beazley Group's acting chief executive officer, commented,
"Syndicate 623 continues to perform well, declaring a strong result on the 2013 underwriting year. We expect the competitive market conditions experienced in the past year to continue into 2016. In the current environment, segmenting our portfolio and exercising underwriting discipline will become increasingly important in delivering strong underwriting results."