Forecasts & Results
Atrium has released an updated forecast for the open 2021, 2022 and 2023 years of account for syndicate 609
Posted 07/08/2024 – Forecasts & Results
Atrium has announced an updated forecast for the open 2021, 2022 and 2023 years of account for its syndicate 609 as at 30th June 2024.
Syndicate 609
The 2021 forecast range has moved to between 0.0% and +10.0% of capacity (midpoint +5.0% profit). The previous forecast range was between +5.0% and 15.0% of capacity (midpoint +10.0% profit).
The 2022 forecast range has improved to between +15.0% and +20.0% of capacity (midpoint +17.5% profit). The previous forecast range was between +12.5% and +17.5% of capacity (midpoint +15.0% profit).
The 2023 forecast range has remained in the range of between +5.0% and +15.0% of capacity (midpoint +10.0% profit).
Alpha comment
The reduction in the forecast return for the 2021 year of account in the quarter arises from back year deterioration on long tail lines of business and a reduction in the investment return forecast for calendar year 2024. There has been no change to the reserves established in respect of the claims arising out of the western leased aircraft in Russia, the primary reason for the year of account being left open. It is thought that there remains considerable uncertainty in the potential for variation to the booked reserves for the losses.
The 2022 year of account is reporting an increased forecast profit, despite a reduced investment return since the RITC of the 2020 & prior years sits within the open 2021 year.
