Lloyd’s Syndicate 623 enjoys gains in 2016

Lloyd’s Syndicate 623, which is managed by Beazley Furlonge and writes business on behalf of Names at Lloyd’s, recognised total gains of $53.6 million in 2016, a jump on the $46.6 million it posted in 2015.

The syndicate recorded a combined ratio of 86 percent in 2016, a small increased on the 84 percent in 2015.

It also said its 2014 underwriting year is now closed and has returned 18.6 percent on capacity. The 2015 underwriting year currently forecasts a 5 percent return on capacity. The 2016 underwriting year is developing in line with expectations at this early stage, it said.

Andrew Horton, Beazley Group’s chief executive officer, said: “We are pleased to report a return on capacity of 18.6 percent to our capital providers at Lloyd’s on the 2014 underwriting year. The 2016 combined ratio of 86 percent demonstrates our continued focus on disciplined underwriting. As we progress into 2017, this focus on balanced underwriting will remain the cornerstone of our underwriting strategy.”

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