Forecasts & Results
MAP syndicate 2791 and SPA 6103 2022 year of account results and updated 2023 forecasts
Posted 06/03/2025 – Forecasts & Results
MAP has announced its results for the 2022 year of account and updated forecasts for the 2023 year of account for syndicate 2791 and SPA 6103.
Syndicate 2791
The 2022 year has closed with a profit of +17.81%. This compares with the previous forecast profit in the range of +10.0% to +15.0%, midpoint +12.5%.
The 2023 forecast has improved to a profit in the range of +27.5% to +35.0%, midpoint +31.3%. The previous forecast profit was in the range of +25.0% to +32.5%, midpoint +28.8%.
SPA 6103
The 2022 year has closed with a loss of -0.65%. This compares with the previous forecast loss in the range of -7.0% to -2.0%, midpoint -4.5%.
The 2023 forecast has improved to a profit in the range of +47.5% to +55.0%, midpoint +51.3%. This compares with the previous forecast in the range of +42.5% to +50.0%, midpoint +46.3%.
Alpha comment
The result for syndicate 2791 for the 2022 year of account is a positive improvement. As a reminder, MAP does not include any prior year releases until the closing result. The uplift in the final quarter is due to a large release from its prior years, more than has been released in recent years.
The 2023 year is forecasting a very strong pure year result at this stage which is likely to improve further in the final year of development.
The result for SPA 6103 is a marginal loss, however, the year was impacted by Hurricane Ian which was a significant loss for the whole (re)insurance industry.
The 2023 year is expected to produce an exceptional profit and shows just how profitable the reinsurance market can be at this stage of the market cycle.
