After the exceptional catastrophe losses of 2011, syndicate 6107 recognised total gains of USD$2.3m in the year ended 31 December 2012, while reporting a combined ratio of 84% (2011: 163%).
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The 2010 underwriting year is now closed and has declared a loss of USD$9.3m. This loss, driven by the exceptional series of natural catastrophes in 2010 and 2011, represents a loss of 39.1% of capacity. There has been no deterioration in our estimates of the impact of the 2011 catastrophes since the end of last year, and the 2011 underwriting year is currently forecasting a 5.0% return on capacity. Whilst the 2012 underwriting year has been affected by superstorm Sandy, if there are no further major catastrophe events during the remainder of the exposure period, then we expect the year to close with a healthy profit.
Andrew Horton, the group’s chief executive officer, commented,
"Syndicate 6107 has developed well in the current financial year. While the syndicate closes with a loss on the 2010 underwriting year, the outlook for both the 2011 and 2012 underwriting years is positive at this stage. The impact of the 2011 catastrophes, and superstorm Sandy in 2012, have lead to rate increases and the syndicate is well placed to take advantage of such rate increases using its increased stamp capacity as we move into 2013."
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