Forecasts & Results

MAP Syndicate 2791 and SPA 6103 2022 & 2023 Year of Account Forecasts

Posted 01/05/2024 – Quick takes

MAP has released an updated forecast for the 2022 year of account and an initial forecast for the 2023 year of account for syndicate 2791 and SPA 6103.

Syndicate 2791

The 2022 forecast has improved to a profit between +8.0% and +13.0% of capacity, midpoint +10.5%, previously +7.0% to +12.0%, midpoint +9.5%.

An initial 2023 forecast has been set with a range of between +20.0% and +27.5% of capacity, midpoint +23.8%.

SPA 6103

The 2022 forecast has narrowed to a loss between -7.0% and -2.0% of capacity, midpoint -4.5%. The previous forecast range was between -10.0% and -2.5%, midpoint -6.3%.

An initial 2023 forecast has been set with a range of between +37.5% and +47.5% of capacity, midpoint +42.5%.

Alpha comment

It is pleasing to see that both forecasts for syndicate 2791 and SPA 6103 have improved for the 2022 year of account. As a reminder, MAP does not include any element of release from the prior years until the year closes.

MAP has issued its first forecasts for the 2023 year of account, as at Q1 2024. The 2023 year is still developing and on risk, however the first forecast for the year are strong midpoint profits for both syndicate 2791 and SPA 6103. A large portion of MAP’s overall premium income comes from US property D&F and property reinsurance where rate increases and T&C improvements within these classes were very strong. The 2023 calendar year was benign in terms of major US hurricane activity and, as a result, a very positive result is forecast for both syndicates.

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