Managing Agency Partners has provided updated forecast results for its syndicates based on data to 30 September 2020. These are as follows

Syndicate 2791

 

Year of account

Capacity
£000s

Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2018

399,453

0.0% to 5.0%

-2.5% to 2.5%

2.5 points better

2019

399,607

-4.0% to 6.0%

-4.0% to 6.0%

unchanged

 SPA 6103

 

Year of account

Capacity
£000s

Revised forecast Range

Previous Forecast
Range

Change at
Midpoint

2018

47,696

-2.5% to 2.5%

-2.5% to 2.5%

unchanged

2019

47,548

16.5% to 33.5%

16.5% to 33.5%

unchanged

MAP adds that these forecasts do not contemplate material losses arising out of COVID-19 claims on commercial property contracts.

As usual, estimates are expressed as a percentage of allocated capacity and are after all standard personal expenses, but before members’ agents’ fees and charges. The rate of exchange prevailing at the end of September was US$1.29:£1

MAP is the first agent to provide formal updated estimates as at 30 September. Managing agents were required to submit their returns to Lloyd’s yesterday, and we anticipate that a number will confirm the position of their syndicates over the next few days. Lloyd’s will release the list of all syndicates’ forecasts on 11 November.