Canopius Managing Agents Limited
Managing Agent Name: Canopius Managing Agents Limited
Subject: Recent Events / 2019 SBF & ECA
Syndicate(s) Affected: 4444
Since June 30th, the syndicate’s results have been impacted by a number of significant natural catastrophes (Hurricanes Florence and Michael, and Typhoons Jebi, Mangkhut, and Trami) as well as a major risk loss (fire at the Lürssen shipyard). At this stage, there remains considerable uncertainty over the extent of losses that the syndicate will suffer as result of these events, but they will have a negative impact on each of the open years 2016-18. Based on a preliminary estimate of 3rd quarter results, the 2016 and 2017 year forecasts remain within the range previously indicated, although lower than the central point. Absent further developments over the next 27 months, the 2018 result is likely to be worse than previously indicated.
2019 SBF & ECA
The approved Syndicate Business Forecast (“SBF”) for the 2019 underwriting year of Syndicate 4444 shows a £1.9m increase in profit, a 0.5% improvement in the net combined ratio and an £80m reduction in gross written premiums compared with the version submitted to Lloyd's on 6 September 2018. This result equates to a 9.4% return on ECA excluding managing agent’s fees.
For more information on the above, please contact your members’ agent or Adam Timms at Canopius.
Date issued: 22 October 2018
Agency contact name: Adam Timms
Agency contact no: + 44 (0)20 7337 3768
For auction office use only: D2018008
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