Insights

Beazley Syndicates 623, 5623 and SPA 6107: 2018 Results and Updated 2019 Forecasts

Posted 01.03.2021 – Quick takes

Beazley has released the following results for the 2018 year of account and updated forecasts for the 2019 year of account for syndicates 623, 5623 and SPA 6107.

Syndicate 623
The 2018 result of -2.7% of capacity is a deterioration on the -0.9% midpoint of the previous forecast range, which was set between -5.9% and +4.1% of capacity.
The 2019 forecast range has narrowed, from between -12.5% and +7.5% of capacity to between -7.5% and +2.5% of capacity, with the -2.5% midpoint remaining the same.

Syndicate 5623
The 2018 result of +3.2% of capacity is an improvement on the +2.0% midpoint of the previous forecast range, which was set between -3.0% and +7.0% of capacity.
The 2019 forecast remains unchanged, with a range of between -3.0% and +7.0% of capacity (midpoint +2.0%).

SPA 6107
The 2018 result of -8.9% of capacity is an improvement on the -11.1% midpoint of the previous forecast range, which was set between-16.1% and -6.1% of capacity.
The 2019 forecast range has improved, from between -15.0% and +15.0% (midpoint 0.0%) to between -5.0% and +15.0% (midpoint +5.0%) of capacity.

Alpha comment

Having made its first ever loss on the close of the 2017 year, syndicate 623’s deterioration at the close of 2018 is disappointing. This is despite a release of 2 percentage points from the prior years, and an improved contribution from investment income as compared to the forecast last quarter. However both other Beazley syndicates improved at close. SPA 6107 has made a moderate loss in 2018, considering it was a year of significant catastrophes, and we are encouraged to see the 5 percentage point improvement in the 2019 year of account forecast. We are pleased to see that SPA 5623 produced a small profit in its first year, despite 2018 being a difficult year and its income levels being far lower than originally planned.

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