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 2016, syndicate 623 recognised total gains of USD$53.6m (2015: USD$46.6m) while recording a combined ratio of 86% (2015: 84%).
The 2014 underwriting year is now closed and has returned 18.6% on capacity. The 2015 underwriting year currently forecasts a 5% return on capacity. The 2016 underwriting year is developing in line with expectations at this early stage.
Andrew Horton, Beazley Group’s chief executive officer, commented,
“We are pleased to report a return on capacity of 18.6% to our capital providers at Lloyd’s on the 2014 underwriting year. The 2016 combined ratio of 86% demonstrates our continued focus on disciplined underwriting. As we progress into 2017, this focus on balanced underwriting will remain the cornerstone of our underwriting strategy.”