Argenta Syndicate 2121 Updated 2018 & 2019 Year of Account Forecasts

Argenta has announced that, due to the significant uncertainty surrounding the ongoing COVID-19 pandemic and the potential impact on claims borne by its sydnciate 2121, the 2018 year of account shall remain open for the time being in order to ensure equity is maintained between capital providers supporting different years of account.

Argenta has also provided the following updated forecasts for the 2018 and 2019 years of account:

Syndicate 2121
The 2018 forecast loss forecast has deteriorated, from a range of between -13.5% and -3.5% to between -5.0% and -15.0% of capacity. The estimated COVID-19 content included in the current forecast is approximately -5.8% of capacity.
The 2019 forecast loss forecast has deteriorated, from a range of between -12.5% and 2.5% to between -20.0% and -5.0% of capacity. The estimated COVID-19 content included in the current forecast is approximately -8.7% of capacity.

Alpha comment

News that Argenta syndicate 2121 has left the 2018 year of account open is perhaps of no surprise given its involvement in the recent FCA court case heard by the UK Supreme Court relating to the application of UK SME business interruption claims.