Syndicates 2791
Managing Agency Partners Ltd is pleased to announce that the result of the 2021 year of account of Syndicate 2791, after the deduction of all standard personal expenses but before members’ agency fees, is a profit of £39.6 million. This is equivalent to 9.9% of allocated capacity using an exchange rate of US$1.27:£1. The result includes a release from back years of £21.0 million, net of reinsurance and before agency PC.
The forecast result for the 2022 year of account, after the deduction of all standard personal expenses but before members’ agency fees, is an improved profit of between 7% and 12% of allocated capacity (last quarter +6% to +11%). A forecast for the 2023 year of account will be issued after assessment of the position as at 31st March 2024.
Capital providers are reminded that profits arising from business transacted in US Dollars are distributed in the original currency. The syndicate does not undertake any currency hedging.
The Combined Ratio for the 2023 calendar year under UK Generally Accepted Accounting Practices (GAAP) is 76.5%
Chris Smelt
February 2024