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

DISCLAIMER: Lloyd's is not responsible for the content of any auction disclosures, and acts merely as publisher of information provided by managing agents. If you have any questions regarding the content, you should contact the relevant managing agent.

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