Forecasts & Results
TMK syndicates 510 and 557 2022 year of account results & updated 2023 forecast for 510
Posted 03/03/2025 – Forecasts & Results
Tokio Marine Kiln has announced its results for the 2022 year of account for syndicates 510 & 557. It has also released an updated forecast for the 2023 year of account for syndicate 510.
Syndicate 510
The 2022 year has closed with a profit of +4.56%. This compares with the previous forecast profit in the range of +4.4% to +14.4%, midpoint +9.4%.
The 2023 forecast has improved to a profit in the range of +13.8% to +18.8%, midpoint +16.3%. The previous forecast profit was in the range of +10.9% to +15.9%, midpoint +13.4%.
Syndicate 557
The 2022 year has closed with a loss of -15.5%. This compares with the previous forecast in the range of -22.1% to -17.1%, midpoint -19.6%.
Alpha comment
The result for syndicate 510 for the 2022 year of account is disappointing. The key driver of the deterioration is the need for reserve strengthening for the trapped aircraft in Russia.
The 2023 year of account improvement is encouraging and could see continued positive development over time.
For syndicate 557, the 2022 year was the final underwriting year for the syndicate following the closure of the TMK property catastrophe book. The year was mainly hit by losses from US Tornadoes. The syndicate has now reinsured to close into syndicate 510.
