|
#1267616 |
|||
|
|
|||
|
|
|||
|
Argenta
Insurance Research Limited Fountain House, Email: researc=
h@argentaplc.com |
Click here
to subscribe to regular new items from Argenta Private
Capital Limited |
||
|
|
|||
|
Syndicate Related Issues |
|||
|
Amlin – Prelimi=
nary
Results Amlin has today
released preliminary results for the year to Unlike other lis=
ted
Lloyd's insurers, Amlin will not be seeking m=
ore
capital this year, stating that its net tangible assets of more than £1.1
billion are adequate. Rating levels ar=
e up
in most classes and expected to improve throughout 2009 and into 2010. In
particular Amlin comments on the improved
perception of the Lloyd's market amongst risk buyers and the benefits
accruing to Amlin. The full press
release can be viewed here. Beaufort - Synd=
icate
318 Results 2006 year of
account: 16.7% (previous forecast range +5.5% – +10.5%). 2007 year of
account: (-5%) – 0% (unchanged from previous forecast). The 2007 and
2008 years of account both have solvency deficits of (-4.6%) and (-21.5%)
respectively. Beazley - Syndi=
cate
623 Results 2006 year of
account: 16% (previous forecast range 12.5% - 17.47%). 2007 year of
account: 9.5% - 14.5% (previous forecast range 9.48% - 14.57%). Max at Lloyd’s =
- Syndicates
2525 & 2526 Results Syndicate 2525 2006: +36.7%
(range at Q3 was +21.4% to +26.4%). 2007: +4% to
+11.5% (unchanged). Syndicate 2526 2006: +29.5%
(+20.4% to +25.4% at Q3). 2007: +9.2% to +16.7% (reduced from +10.8% =
to
+18.3%). |
|||
|
|
|||
|
Run-Off Updates |
|||
|
Advent Underwri=
ting
Limited – Syndicate 2 Following t=
he
closure of Syndicate 2, Advent has provided the following final figures a=
s at
2001 Year of
account: (-48.8%) loss as a percentage of capacity. 30% has been called t=
o date, therefore the balance due from Members will be
18.8%. 2002 Year of
account: 16.83% profit as a percentage of capacity. 5% has been distribut=
ed
to date (now the equivalent of 4.19% at current rate of exchange), therefore Members are due a distribution of 12.64%=
. Syndicate 138 A=
gency
– Syndicate 138 Syndicate 1=
38
Agency has confirmed the reinsurance to close (RITC) of the 2000 and 2001 years of account into Meacock Syndicate 727 at The estimat=
ed
releases, as communicated to Members in December, were respectively 3% and
14% for 2000 and 2001. The final
actual releases will be in US dollars as follows: 2000 =
US$
652.41 per £10,000 share 2001 US$ 2,371.44 per £10,000 share At the curr=
ent
exchange rate of £1/$1.42, these represent 4.6% and 16.7% for respectively
2000 and 2001. |
|||
|
|
|||
|
Loss Activity |
|||
|
Sc=
hiphol Air Crash The insuran=
ce
cover for the Boeing 737 which crashed on 25 February 2009 is believed to
have been lead by Allianz, along with a
participation by Global Aerospace Underwriting Mangers Limited (GAUM). The hull value is estima=
ted at
$47m and there are likely to be substantial liability losses resulting fr=
om
the nine killed and 50 injured. Turkish Airlines pledged to pay €50,000 in
compensation to the relatives of the five Turkish and four GAUM manage=
s a
pool comprising of Munich Re, The National Indemnity Company, Tokio Marine and Nichido Fire, Mapfre
Empresas and Mitsui Sumitomo. The airline mar=
ket
has been showing signs of hardening in recent months, and this is the lat=
est
in a string of recent losses to the airline industry which can only have a
further positive effect on rates. |
|||
|
|
|||
|
|
|||
|
Disclaimer This Weekly Update is =
issued
for general information purposes only and should not be construed as
investment advice. Whilst all reasonable care has been taken to ensure that the
information contained in this Wee=
kly
Update is accurate at the time of publication, Argenta does not make =
any
representations as to the accuracy or completeness of such information. |
|||
|
#1267616 |
|||
![3D"Text](3D"WeeklyUpdate02March2009_files/image004.png")