Forecasts & Results

Chaucer Syndicate 1176 2021 Year of Account Result & Updated 2023 Forecast

Posted 27/02/2024 – Quick takes

Chaucer has announced its result for the 2021 Year of Account for its syndicate 1176 and has also released an update for the 2022 year of account

Syndicate 1176

The 2021 result is a profit of +47.6%. This compares with the previous forecast range of between +32.5% and +42.5%, midpoint +37.5%.

The latest forecast for the 2022 year of account if a profit in the range of between +15% and +35% of capacity, midpoint +25%. This is up from the previous range of +10% to +30%, midpoint +20%.

Alpha Comment

The 2021 profit includes a release from the 2020 & prior years of £6.5m, the greatest release we have seen since the close of 2017, and almost double the surplus included in the previous quarter. The investment return has also improved by £1m in the final quarter. This is another market leading result for this syndicate.

The initial midpoint profit forecast for the 2022 year started a little more modest than we had seen in earlier years but, as expected, it has improved each quarter and the year is likely to produce a pure year profit similar to that of the last few years.

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