Charles Taylor Managing Agency Ltd
Managing Agent Name: Charles Taylor Managing Agency Ltd (“CTMA”)
Subject: Forecast on the 2015, 2016 & 2017 open years of account
Syndicate Affected: 1884
The forecast range for the 2015 and 2016 year of account has been updated to reflect current information, including unaudited figures reported in the Syndicate’s quarterly monitoring return (QMR) at 30 September 2017 after deduction of illustrative standard personal expenses (comprising Lloyd’s charges, managing agent’s fee and capacity fee) but before deduction of members’ agents fees.
Forecast of 2015 open year result
The worst case loss has improved from 50% of allocated capacity to 45% of allocated capacity. The spot forecast loss has improved from 43.9% to 43.0% of allocated capacity. No change has been made to the best case forecast.
|
2015 YOA Forecast as a percentage of syndicate allocated capacity |
At 30 June 2017 |
At 30 September 2017 |
|
Best case expectation |
(40.0) |
(40.0) |
|
Worst case expectation |
(50.0) |
(45.0) |
Forecast of 2016 open year result
The worst case loss has improved from 25% of allocated capacity to 20% of allocated capacity. The spot forecast loss has improved from 20.5% to 16.7% of allocated capacity. No change has been made to the best case forecast.
|
2016 YOA Forecast as a percentage of syndicate allocated capacity |
At 30 June 2017 |
At 30 September 2017 |
|
Best case expectation |
(10.0) |
(10.0) |
|
Worst case expectation |
(25.0) |
(20.0) |
Further information is available in the syndicate QMA/QMB extract, available on request.
Major Losses
Review of the most recent information indicates that the Syndicate’s best estimate of major losses, shared with capital providers and members’ agents on 5 October 2017 and incorporated into 30 September results, remain conservative.
Syndicate capacity
Syndicate 1884’s capacity remains unchanged at £99.99m for 2018.
New underwriter
Nick Derrick (formerly of Travelers Syndicate Management Ltd) will join Syndicate 1884 in November 2017 as class underwriter for the Cargo account.
Date issued: 10 November 2017
Contact Information
Agency contact name: Julia Davis, Compliance Officer
Agency contact no: + 44 (0)203 320 2247
For auction office use only: D2017013
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