The Lloyd’s syndicates have now published their results for 2023 and, in some cases, added detail and an outlook for 2024. Some have stuck to the bare bones. As in the previous few years, IMN is summarizing the results from all syndicates that have a notable marine interest, if they have provided some information on the marine side.
The principal activities of Syndicate 1458 (RenRe) continued to be the transaction of general insurance and reinsurance business across property, casualty and specialty lines. Direct marine makes up only a small part of RenRe’s total book, with the vast majority of primary insurance allocated Property and Third-party Liability.
The Syndicate capacity for the 2023 year of account was £774.0m, up from £722.3m the previous year.
In 2023 the Syndicate generated an underwriting profit of $121.2m (2022: $26.3m) before addition of investment income of $44.3m (2022: loss of $58.4m). The overall result, after the inclusion of the profit or loss on exchange and investment income, was a profit of $158.3m (2022: minus $24.6m).
KPI
| $m | 2023 | 2022 | 2021 |
| Gross premiums written | 1,033.9 | 1,194.2 | 1,133.2 |
| Loss for the financial year | 158.3 | (24.6) | (46.4) |
| Combined ratio | 73.8% | 95.1% | 106.2% |
| Investment return | 4.2% | (5.6)% | (1.4)% |
Gross premiums written for the year were $1,033.9m, 13.4% down on 2022 gross premiums written. The decrease in gross premiums was primarily from certain Casualty classes of business (reflective of current market conditions) as well as planned gross premium reduction in the Property Catastrophe book.
Outward reinsurance premiums for the year were $602.5m, down by 21.8% year on year. The ceded strategy for the 2023 underwriting year was broadly similar to the 2022 underwriting year.
The Syndicate’s combined ratio for the year was 73.8% (2022: 95.1%). The 2023 results benefited from low levels of catastrophe activity in the year and prior accident year releases for weather-related large loss events between 2017 and 2022. There was also some recognition of favourable attritional experience across several classes. The 2022 results were impacted by various weather-related large loss events during the year, most significantly from Hurricane Ian, which offset the favourable prior accident year development.
Financial investments as at December 31st 2023 were $1,070.0m and consistent with the prior year (2022: $1,070.6m).
Reinsurers’ share of claims outstanding as at December 31st 2023 were $1,248.5m, down from $1,353.5m 12 months earlier. The reinsurers’ share of claims outstanding as a percentage of gross claims outstanding is broadly consistent.
Gross technical provisions decreased to $2,665.0m from $2,958.4m, consistent with the year-on-year decrease in gross premiums written. The decrease in claims outstanding was primarily the result of low levels of catastrophe activity in the year, prior accident-year releases and claims settlement of weather-related large loss events on prior accident years.
Segmental analysis
| 2023 $ | GPW | GPE | GCI | GOE | Reins. Bal | Total |
| Direct MAT | 16,812,779 | 17,902,755 | (31,628,373) | (6,026,399) | 6,781,725 | (12,970,292) |
| Total Direct | 806,193,797 | 845,748,040 | (279,759,559) | (267,402,771) | (245,601,108) | 52,984,602 |
| Reinsurance | 227,701,270 | 218,714,694 | (81,626,007) | (53,035,861) | (15,851,494) | 68,201,332 |
| Total | 1,033,895,067 | 1,064,462,734 | (361,385,566) | (320,438,632) | (261,452,602) | 121,185,934 |
| 2022 $ | GPW | GPE | GCI | GOE | Resins. Bal | Total |
| Direct MAT | 25,309,765 | 19,437,198 | (9,633,827) | (6,153,754) | (2,193,818) | 1,455,799 |
| Total Direct | 949,244,490 | 873,214,415 | (812,165,642) | (267,567,886) | 187,393,254 | (19,125,859) |
| Reinsurance | 244,996,865 | 256,191,264 | (192,514,409) | (56,913,598) | 38,689,126 | 45,452,383 |
| Total | 1,194,241,355 | 1,129,405,679 | (1,004,680,051) | (324,481,484) | 226,082,380 | 26,326,524 |
| 2021 $ | GPW | GPE | GCI | GOE | Reins. Bal | Total |
| Direct MAT | 19,755,850 | 8,771,964 | (6,312,117) | (2,242,562) | 579,294 | 796,579 |
| Total Direct | 848,548,380 | 712,908,031 | (442,361,813) | (225,573,846) | (78,894,749) | (33,922,377) |
| Reinsurance | 284,640,997 | 299,803,153 | (199,175,703) | (62,136,111) | (43,429,655) | (4,938,316) |
| Total | 1,133,189,377 | 1,012,711,184 | (641,537,516) | (287,709,957) | (122,324,404) | (38,860,693) |
| Emoluments | 2023 $000 | 2022 $000 | 2021 $000 |
| Active underwriter | 420.7 | 369.0 | 494.6 |
