(PRESS RELEASE) LONDON, 21-May-2020 — /EuropaWire/ — Insurance and reinsurance syndicates firm Tokio Marine Kiln Syndicates Ltd. (TMK) has announced it released forecasts for the 2018 and 2019 years of account for its two non-aligned syndicates. TMK’s forecast ranges have been extended on Syndicate 510 to reflect the uncertainty surrounding the impact of Covid-19 global pandemic.
Brad Irick, Chief Executive Officer of Tokio Marine Kiln, said:
“These latest forecasts are the first from TMK to reflect the effects of Covid-19. Although TMK has not been immune to impact of the pandemic, our underwriting teams are continuing to emphasise strict underwriting discipline, whilst enabling our clients to get back on line and support the economy.
“The pandemic has demonstrated the critical role that the insurance industry plays in supporting people, businesses and industries, and we are committed to supporting our clients through this fluid situation, ensuring that all valid claims are paid fairly and swiftly.”
The previous forecasts, which were announced in February 2020, have been rebased to the same exchange rates (US$1.24 and C$1.77). The forecasts set out below take into account all managing agency and Lloyd’s charges.
2018 year of account forecasts | |||
Syndicate | Capacity £m | Forecast range as at May 2020 % | Previous forecast range as at February 2020 % |
510 | 1,136 | -6.9 to 0.6 | -5.4 to -0.4 |
557 | 35 | -3.0 to 2.0 | -3.8 to 1.2 |
2019 year of account forecasts | |||
Syndicate | Capacity £m | Forecast range as at May 2020 % | Previous forecast range as at February 2020 % |
510 | 1,133 | -11.4 to -1.4 | 0.7 to 5.7 |
557 | 32 | 9.9 to 14.9 | 16.8 to 21.8 |
The forecast for Syndicate 308 on the 2017 YOA (which remains open) is unchanged.
ENDS
Laura Guerin
laura.guerin@tokiomarinekiln.com
+44 (0)20 7767 2111
SOURCE: Tokio Marine Kiln
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