Hiscox results and updated forecasts

Hiscox has provided us with results for the 2023 underwriting year of its two managed syndicates, with an updated forecast for the 2024 year and with a preliminary estimate for the 2025 underwriting year. These are as follows:

Syndicate 33

SPA 6104

Hiscox is now the only managing agent to release formal forecasts of the youngest open year after 12 months. All others release this data at the 15-month stage, as business typically remains on risk during much of the second year of any underwriting account. We find that Hiscox tends to issue forecasts which remain on the cautious side at this early stage. For example, the 2023 year of syndicate 33 was forecast to deliver an ultimate profit in a range 6.9% to 16.9% when the initial forecasts were released in 2024, the final result was 7.2 percentage points (£122m of profit) better than the initial midpoint. The improvement on 6104 was even more striking, with an initial forecast in the range 19.7% to 29.7% of capacity. The final result was 27 percentage points on capacity (£5m of profit) better than the first estimate.

Syndicate results are expressed as a percentage of syndicate allocated capacity and after the deduction of all standard personal expenses but before members’ agents’ charges.  

Hiscox provided its results for the 2025 calendar year and a trading update to the market on February 25^th. These are summarised here.