Forecasts & Results
MAP has released an updated forecast for the 2021 and 2022 years of account for syndicate 2791 and SPA 6103
Posted 09/08/2023 – Quick takes
MAP has released an updated forecast for the 2021 and 2022 year of account for syndicate 2791 and SPA 6103.
Syndicate 2791
The 2021 forecast has remained in the range of between +1.0% and +6.0% of capacity, midpoint +3.5%.
The 2022 forecast has improved to a profit between +5.0% and +10.0% of capacity, midpoint +7.5%. The previous forecast range was between +2.5% and +10.0%, midpoint +6.25%.
SPA 6103
The 2021 forecast has improved to a loss between -9.0% and -4.0% of capacity, midpoint -6.5%. The previous forecast range was between -10.0% and -5.0%, midpoint -7.5%.
The 2022 forecast has narrowed to a loss between -10.0% and -2.5% of capacity, midpoint -6.25%. The previous forecast range was between -12.5% and -2.5%, midpoint -7.5%.
Alpha comment
We are pleased to see the forecasts improve a little, as major losses appear to have been reserved cautiously and investment returns start to show improvements. As a reminder, the forecasts for 2791 do not include any element of reserve from the prior years until the year closes. The RITC of SPA 6103 is reinsured into 2791 so no element of prior year releases accrue to the benefit of SPA 6103.
