Forecasts & Results
Hiscox syndicate 33 and SPA 6104 results and open year forecasts
Posted 03/03/2026 – Forecasts & Results
Hiscox has announced its result for the 2023 year of account for syndicate 33 and SPA 6104. Hiscox has also released updated forecasts for the 2024 year and early forecasts for the 2025 year for syndicate 33 and SPA 6104.
Syndicate 33
The 2023 year has closed with a profit of +19.1%. This compares with the previous forecast profit in the range of +12.0% to +22.0%, midpoint +17.0%.
The 2024 forecast has improved to a profit in the range of +3.4% to +15.4%, midpoint +9.4%. The previous forecast profit was in the range of +2.4% to +14.4%, midpoint +8.4%.
The first 2025 forecast is a profit in the range of +3.5% to +13.5%, midpoint +8.5%.
SPA 6104
The 2023 year has closed with a profit of +51.7%. This compares with the previous forecast profit in the range of +41.0% to +51.0%, midpoint +46.0%.
The 2024 forecast has improved to a profit in the range of +7.8% to +25.3%, midpoint +16.6%. The previous forecast profit was in the range of +7.5% to +25.0%, midpoint +16.2%.
The first 2025 forecast is a profit in the range of +23.2% to +33.2%, midpoint +28.2%.
Alpha comment
This is a strong result for syndicate 33 as expected, following the good 2025 annual results published last week. The result for SPA 6104 is particularly good and reflects the absence of major catastrophe loss in 2023.
The forecast for 2024 of 33 is modest at this stage but should improve over the next twelve months. The forecast for SPA 6104 has a broader range but the midpoint is a good profit, despite a large LA wildfire exposure falling back into 2024.
Hiscox is the only group which issues forecasts for its syndicates at the twelve months’ position. The initial forecast for syndicate 33 for 2025 feels fairly cautious at this early stage. The forecast for SPA 6104 is very positive, with 2025 calendar year being a low major loss year.
