Forecasts & Results
Beazley Syndicates 623, 5623 and SPA 6107: 2019 Results and Updated 2020 Forecasts
Posted 07/03/2022 – Quick takes
Beazley has released the following results for the 2019 year of account and updated forecasts for the 2020 year of account for syndicates 623, 5623 and SPA 6107.
The 2019 result of +3.09% of capacity is a fractionally above the midpoint of the previous forecast range, which was set at between -2.5% and +7.5 of capacity, midpoint +2.5%.
The 2020 forecast range is unchanged at between -10% and +10% of capacity, midpoint 0%.
The 2019 result of +2.13% of capacity is fractionally above the midpoint of the previous forecast range, which was set at between -3.0% and +7.0% of capacity, midpoint +2%.
The 2020 forecast range is unchanged at between -3% and +7% of capacity, midpoint 2%.
The 2019 result of +16.9% of capacity is at the better end of the previous forecast range, which was set between +2% and +22% of capacity, midpoint +12%.
The 2020 forecast range is unchanged at between -25% and +5% of capacity, midpoint -10%.
We welcome the return to profit of syndicate 623, which has closed with a profit in excess of its previous midpoint forecast. This was not the case on the close of either its 2017 or 2018 years, which both ultimately reported small losses slightly worse than their previous forecasts. Given the difficulties many syndicates have in the initial years of operation, due to a lack of reserves, syndicate 5623 must be commended for producing a profit in both of its first two years of operation. As the syndicate is now more established and has achieved greater scale, we are hopeful of more generous profits in the coming years. The profit achieved by SPA 6107 is an impressive turnaround, as compared with the initial forecast of a midpoint loss of -5%.