Argenta Syndicate Management Limited
Managing Agent Name: Argenta Syndicate Management Limited
Subject: Auction Disclosure 2017
Syndicate Affected: Syndicate 2121
At the time of the submission of the initial business plans for 2018 (6th September 2017), Argenta Syndicate Management Limited (ASML) was seeking a pre-emption of £20 million to take the Syndicate’s capacity for 2018 to £320 million. Since then, various catastrophe events have led to an expectation of rate increases across the Syndicate 2121 book of business and therefore an additional pre-emption of £20 million has been sought, which takes the Syndicate’s capacity for 2018 to £340 million.
ASML has previously provided information relating to the Hurricane Harvey and Irma losses as per the loss returns made to Lloyd’s. Whilst there is still considerable uncertainty on the ultimate impact of these events, the figures have now been updated and include loss estimates for Hurricane Maria. Syndicate 2121’s net loss estimates including reinstatements that will be included in Syndicate 2121’s Q3 2017 reporting are as follows:
Harvey, Irma, Maria S2121 Estimates
All in USD
As at 30/09/2017
Net Ultimate Loss Estimate incl RIP
|Total Harvey, Irma and Maria||2015||34,193|
|Total Harvey, Irma and Maria||2016||5,666,455|
|Total Harvey, Irma and Maria||2017||17,755,756|
|Total Harvey, Irma and Maria||Total||23,456,404|
The Syndicate’s preliminary estimates are based on a combination of catastrophe modelling, exposure analysis and preliminary ground-up notifications but it must be noted that there is significant uncertainty surrounding the costs of these events.
The Syndicate continues to have catastrophe reinsurance cover in place for 2017, to provide protection from further events and from deterioration on existing events.
Date issued: 25 October 2017
Agency contact name: Matthew Rowan
Agency contact no: + 44 (0) 207 825 7117
For auction office use only: D2017005
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