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.
The 2017 underwriting year is now closed at a loss of 2.4% on capacity. The 2018 underwriting year currently forecasts nil return on capacity as it has been impacted by natural catastrophes including the Californian Wildfires, Hurricane Michael and Typhoon Jebi. The 2019 underwriting year has also been impacted by the Typhoons Hagabis and Faxai.
Andrew Horton, Beazley Group’s chief executive officer, commented: “We are disappointed the syndicate has returned a loss on capacity of 2.4% on the 2017 underwriting year as a result of the high level of natural catastrophe losses in 2017 and claims inflation reducing prior year reserve releases. Both the 2018 and 2019 underwriting years have experienced above average claims across our natural catastrophe exposed lines of business. Looking ahead to 2020, we anticipate building on the strong rate increases of 6% achieved over the past year.”