Results season begins

Hiscox Group

We are now at the beginning of the reporting season for Lloyd’s syndicates and businesses. Hiscox provided its interim results on 27 February. This encouraging set of numbers can be found here, and the accompanying analysts’ presentation here. We expect an update to the forecasts for Hiscox syndicates 33 and 6104 early in the week of 3 March.

Although the wildfires that brought destruction and loss of life to parts of Los Angeles in January fall outside the reporting period, Hiscox did provide an update on its expected loss arising out of this event. It says that, based on an overall loss to the insurance industry of US$40 billion, its projected loss would be around $170m, comprising $150m to Hiscox Re & LIS, and $10m to each of Hiscox London Market and Hiscox Retail.

Syndicate results and forecasts

Syndicates submitted year end returns to Lloyd’s on 27 February, including results for the 2022 year of account and an update on the 2023 year. There is no requirement to issue forecasts on the 2024 year of account until it reaches the fifth quarter stage; those will be released in May.

S.A.Meacock & Co Limited has provided us with the following result and updated forecast in respect of Syndicate 727.

The results and forecasts are compiled using year end rates of exchange of US$1.25:£1 and Can$1.80:£1 and are expressed as a percentage of allocated capacity after all standard personal expenses but before members’ agents’ charges.