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.
Syndicate 1729 publishes its annual accounts and underwriting year accounts separately. This summary covers the annual accounts.
Active Underwriter D G Peters
At the end of 2023 CVC became a majority shareholder in Dale Underwriting Partners.
Since the vast majority of the syndicate’s business is written in US dollars, it has amended its presentation currency, to US Dollars from GBP.
Stamp capacity for 2024 is $445m (restated 2023, $355m)
Marine reinsurance is one of the syndicate’s eight key lines of business. For the 2023 the syndicate embedded an experienced marine treaty leadership team which they said had “exceeded plan and established themselves strongly into the business”.
For 2024 the syndicate has recruited a marine liability specialist to enhance the upstream energy offering.
The Syndicate has been managed by Dale Underwriting Partners since October 1st 2022, having previously been managed by Asta MAL.
KPI
| GWP $000s | 2023 | 2022 restated |
| Marine Reinsurance | 17,893 | – |
| Total | 378,534 | 323,804 |
| Profit | 49,457 | 5,263 |
| Combined Ratio | 88.8% | 95.7% |
The syndicate said that the total expected loss as a result of Covid had deteriorated slightly during 2023, but that the losses continued to sit within the syndicate’s initial range.
Losses arising from the Ukraine situation were not expected to be material to the syndicate.
The wider subject of sanctions were being monitored but were not at the moment having a material impact on the syndicate.
Segmental Analysis
| 2023 $’000s | GPW | GPE | GCI | GOE | Reins Bal | Total |
| Direct MAT | 4,947 | 5,047 | (5,485) | (1,257) | (682) | (2,377) |
| Total Direct | 313,529 | 285,933 | (140,182) | (74,670) | (26,258) | 44,823 |
| Reinsurance | 65,005 | 63,524 | (53,388) | (18,132) | (2,550) | (10,546) |
| Total | 378,534 | 349,457 | (193,570) | (92,802) | (28,808) | 34,277 |
| 2022 $’000s restated | GPW | GPE | GCI | GOE | Reins Bal | Total |
| Direct MAT | 2,878 | 2,982 | (2,293) | (318) | (125) | 246 |
| Total Direct | 196,038 | 174,754 | (119,903) | (47,762) | (3,828) | 3,261 |
| Reinsurance | 127,766 | 120,026 | (85,124) | (28,766) | 1,060 | 7,196 |
| Total | 323,804 | 294,780 | (205,027) | (76,528) | (2,768) | 10,457 |
No details were included as to the active underwriter’s emoluments.
