Tokio Marine Kiln releases syndicate forecasts
Tokio Marine Kiln’s three Lloyd’s syndicates have all reported profits for the 2012 year of account, with two forecast to deliver profits for 2013 and 2014.
Despite losses from Superstorm Sandy and several smaller catastrophe events, syndicates 510 and 557 delivered profits, which the group said was due to “an excellent attritional loss ratio demonstrating the strength of their underlying book as well as favourable claims run-off on the 2011 and prior years of account”.
Syndicate 308 reported a result at the upper end of the range previously forecast, due to releases on the prior years of account.
Charles Franks, chief executive officer of Tokio Marine Kiln, said: “I am delighted to report that Tokio Marine Kiln has continued to deliver good returns despite the challenging trading environment, supported by our strong product portfolio, an empowered approach to underwriting and our focus on delivering excellent customer service.
“Syndicates 510, 557 and 308 have delivered a profit for the closing 2012 year of account, which saw the 50th anniversary of Kiln. The forecasts for the 2013 year of account remain stable and the initial forecasts for the 2014 year of account look promising following a relatively benign catastrophe year.
“Despite softening market conditions and increased competition, our underwriters have maintained their focus on professional underwriting, which has contributed to these positive results. In an environment in which scale has become increasingly important, our decision to integrate with Tokio Marine Europe and rebrand as Tokio Marine Kiln strengthens our business proposition and aligns us with the security of a globally recognised brand, which will help to ensure that we remain well positioned for the challenges and opportunities ahead.”