Kiln syndicates 2007 results and estimates
RJ Kiln released its 2007 Results and 2008/2009 updated forecasts today.
Highlights
• Good 2007 results
• 2007 profits in line with expectations
• Positive forecasts for 2008 and 2009
R J Kiln & Co Limited, the Lloyd’s managing agency wholly owned by Kiln Group Limited, has today released the final results for its managed syndicates for the 2007 year of account, updated forecasts for the 2008 year of account and initial forecasts for the 2009 year of account.
The previous forecasts, which were announced in November 2009, have been rebased to the same exchange rates (US$1.61 and C$1.69 respectively). The forecasts set out below take into account all managing agency and Lloyd’s charges.
2007 year of account results
|
Capacity |
Result |
Previous forecast as |
||
|
| ||||
|
£m |
% |
% |
||
|
|
||||
|
Syndicate 510 |
734 |
13.2 |
10.7 to 15.7 |
|
|
|
||||
|
Syndicate 557 |
120 |
16.6 |
13.7 to 18.7 |
|
|
|
||||
|
Syndicate 807 |
120 |
10.6 |
7.6 to 12.6 |
|
|
|
||||
|
Syndicate 308 |
15 |
5.2 |
4.8 to 9.8 |
|
|
|
||||
The 2007 year of account has closed in line with the company’s expectations, as set out in the November 2009 estimates, producing a good result for all four Kiln syndicates underwriting for the 2007 year of account. Syndicate 308 has reduced slightly due to the effect of one large account, rather than as a result of any general deterioration.
2008 year of account forecasts
|
Capacity |
2008 year of account forecast range |
Previous forecast as at November 2009 | |
|
| |||
|
£m |
% |
% | |
|
| |||
|
Syndicate 510 |
587 |
5.1 to 10.1 |
4.9 to 9.9 |
|
| |||
|
Syndicate 557 |
119 |
9.5 to 14.5 |
8.0 to 13.0 |
|
| |||
|
Syndicate 807 |
120 |
3.0 to 8.0 |
2.9 to 7.9 |
|
| |||
|
Syndicate 308 |
15 |
8.5 to 13.5 |
9.8 to 14.8 |
|
| |||
The 2008 year of account forecasts have remained relatively stable for all four Kiln syndicates, and the business is continuing to develop in line with expectations.
2009 year of account forecasts
|
| ||||||
|
Capacity |
2009 year of account |
|||||
|
£m |
% |
|||||
|
| ||||||
|
Syndicate 510 |
630 |
9.3 to 19.3 |
||||
|
| ||||||
|
Syndicate 557 |
119 |
9.9 to 19.9 |
||||
|
| ||||||
|
Syndicate 807 |
120 |
2.1 to 12.1 |
||||
|
| ||||||
|
Syndicate 308 |
15 |
-4.0 to 6.0 |
||||
|
| ||||||
The 2009 year of account has benefited from strong prices throughout the year, together with a benign hurricane season. The combination of these factors has helped Kiln’s initial forecast for the non-life syndicates, and leads us to expect a very profitable year.”
Latest documents
Web Estimates Q2 2010
July 2010 Regional Meetings slides
Pre-emption Bulletin No 13
Managing Agents' Applications for Profit Commission Increases for 2011 