Insights
Apollo Syndicate 1969 2016 Result & 2017 Year of Account Forecast
Posted 05/10/2021 – Quick takes
Apollo has announced its result for the 2016 year of account for its syndicate 1969 and has also released an updated forecast for the 2017 year of account.
Syndicate 1969
The 2016 result of -30.7% of capacity is somewhat worse than the previous forecast loss range, which was set between -22.5% and -17.5% of capacity.
The 2017 forecast has deteriorated, from range of between -24.0% and -14.0% to between -30.0% and -25.0% of capacity.
Alpha comment
The final result for the 2016 Year of Account is very disappointing, being just over 10 percentage points worse than the last mid-point quarterly forecast. Yet again it is the Property book which is the main cause of the overall loss and with its scale is totally out of proportion to the other profitable classes; an observation we have made consistently to the Apollo management. The other cause of the deterioration comes from the Casualty book, which whilst reducing the overall result, has not pushed that book into an overall loss. The further deterioration on the 2017 forecast comes from exactly the same causes, which is equally frustrating and suggests that major changes are required in the Apollo management. Further cash calls are expected.
