Q3 highlights
-
2009 on track to deliver excellent returns
-
2010 remains depressed by unprecedented level of catastrophe activity and reduced investment income
R J Kiln & Co Limited, part of the Tokio Marine Group, today released updated forecasts for the 2009 and 2010 years of account.
The 2009 year of account is continuing to develop well and remains on track to deliver excellent returns on capital, with syndicates 510, 557 and 807 showing some improvements.
As previously reported, the 2010 year of account has been affected by an unprecedented level of catastrophe activity in Tohoku, Japan; Lyttelton, New Zealand; and Brisbane, Australia; in addition to US tornadoes in the second quarter.
The third quarter has seen a much lower level of catastrophe activity compared with previous quarters, and losses affecting the 2010 year of account broadly remain stable. The minor deterioration across syndicates 510 and 807 is predominantly attributable to a reduction in investment income forecasts for the 2012 calendar year.
The previous forecasts, which were announced in August 2011, have been rebased to the same exchange rates (US$ 1.56 and CAD$ 1.62 respectively). The forecasts set out below take into account all managing agency and Lloyd’s charges.
2009 year of account forecasts
|
Syndicate |
Capacity
£m
|
2009 year of account
forecast range %
|
Previous forecast as at
August 2011 %
|
|
510 |
630 |
15.6 to 20.6 |
12.9 to 17.9 |
|
557 |
119 |
12.9 to 17.9 |
11.7 to 16.7 |
|
807 |
120 |
4.5 to 9.5 |
2.0 to 7.0 |
|
308 |
15 |
4.2 to 9.2 |
5.2 to 10.2 |
2010 year of account forecasts
|
Syndicate |
Capacity
£m
|
2010 year of account
forecast range %
|
Previous forecast
as at August 2011 %
|
|
510 |
923 |
-4.6 to 0.4 |
-4.1 to 0.9 |
|
557 |
120 |
-31.5 to -26.5 |
-32.7 to -27.7 |
|
807 |
140 |
-30.8 to -25.8 |
-26.9 to -21.9 |
|
308 |
20 |
6.0 to 11.0 |
2.2 to 7.2 |
Charles Franks, chief executive officer of R J Kiln & Co, said: “Despite the exceptionally high level of catastrophe activity that the market has witnessed this year, Kiln is well placed to manage this challenging period and we will continue to focus on growing and diversifying our portfolio with the support of our parent, Tokio Marine.”
ENDS