Beazley plc Syndicate 6107 Market Reporting. 31 December 2016

Transcription

1 Beazley plc Syndicate 6107 Market Reporting 31 December 2016

2 CONTENTS 31 December Executive Summary 2. Profit & Loss Account by YOA 3. Summary of Technical Accounts 4. Segmental Analysis 5. Balance Sheet 6. Forecast Result to Ultimate 7. Large Losses 8. Results & Cash Call Analysis

3 Market Summary - 31 December 2016 Calendar Year To Date 2016 Executive Summary m Gross Premium 36.4 Earned Premium, net of re-insurance 30.3 Claims Incurred, net of re-insurance (8.8) Retained Profit for the period 12.7 Claims ratio 29% Expenses ratio 34% Combined Ratio 63% Forecast return on capacity to Ultimate at 31 December YOA 29.1% Forecast return on capacity to Ultimate at 31 December YOA 35.0%

4 Profit & Loss Account for the period ended 31 December 2016 Combined YOA m m m m Gross premiums Reinsurers' share (0.1) (0.3) (5.4) (5.8) Net premiums (0.1) Gross provision for unearned premium (7.7) (0.7) Reinsurers' share - (1.0) Earned premiums, net of reinsurance (0.1) Gross claims paid (3.0) (1.9) (1.4) (6.3) Reinsurers' share of paid amount Net claims paid (3.0) (1.9) (1.4) (6.3) Grossed up claims reserves (16.6) (3.9) Reinsurance element of grossing up (0.2) (1.2) Claims incurred, net of reinsurance (15.2) (8.8) Profit / (Loss) on exchange Acquisition expenses Commissions 0.1 (0.5) (5.4) (5.8) Change in deferred acquisition costs (0.0) (1.1) Total acquisition expenses 0.1 (1.6) (4.1) (5.6) Balance on technical account Result from technical account Gross investment income Gross investment losses Gross investment expenses Result before personal expenses "Standard" personal expenses (0.3) (2.6) (0.4) (3.3) Result after standard personal expenses Other administrative expenses (0.0) (0.3) (1.1) (1.4) Non technical account - profit/(loss) on exchange 0.7 (0.7) (1.0) (1.0) Result after all personal expenses OCI - profit on exchange on b/fwd reserves OCI - Currency translation differences Retained profit / (loss) for the period

5 Summary of Technical Accounts for the period ended 31 December 2016 YOA Cumulative actual to date Combined YOA As at 31 December 2016 m m m m Gross premiums written Net premiums written Earned premiums, net of reinsurance Gross claims (5.3) (8.6) (18.0) (31.9) Reinsurers' share (0.0) Net operating expenses (3.2) (8.8) (6.4) (18.4) Investment return Profit / (loss) for year of account to date Cumulative brought forward Combined YOA At 1 January 2016 m m m m Gross premiums written Net premiums written Earned premiums net of reinsurance Gross claims (5.9) (15.9) 0.0 (21.8) Reinsurer's share Net operating expenses (4.6) (4.9) 0.0 (9.5) Investment return Profit / (loss) for year of account

6 Segmental Analysis for the period ended 31 December 2016 Casualty Property Marine Motor TOTAL Reinsurance Reinsurance Reinsurance Reinsurance Reinsurance Period ended 31 December 2016 m m m m m Gross premiums written Net premiums written Gross earned premiums Outward reinsurance earned premiums - (5.4) - - (5.4) Earned premiums, net of reinsurance Gross claims - (10.2) - - (10.2) Reinsurers share Claims incurred, net of reinsurance - (8.8) - - (8.8) Net operating expenses - (10.2) - - (10.2) Technical result before investment income (before STRGL) Investment return Technical account result (before OCI - Currency translation differences) 11.6 Syndicate 6107 Segmental Analysis for the period ended 31 December 2015 Casualty Property Marine Motor TOTAL Reinsurance Reinsurance Reinsurance Reinsurance Reinsurance Period ended 31 December 2015 m m m m m Gross premiums written Net premiums written Gross earned premiums Outward reinsurance earned premiums (3.0) (3.0) Earned premiums, net of reinsurance Gross claims - (13.2) - - (13.2) Reinsurers share Claims incurred, net of reinsurance (12.7) (12.7) Net operating expenses - (7.2) - - (7.2) Technical result before investment income (before STRGL) Investment return Technical account result (before OCI - Currency translation differences) 5.7

7 All YOA combined Balance Sheet as at 31 December 2016 Assets 31-Dec Dec-15 m m Reinsurers' share of technical provisions Provision for unearned premiums, reinsurers' share Claims outstanding (reported), reinsurers' share - - Claims outstanding (IBNR), reinsurers' share Debtors Debtors arising out of reinsurance operations Other debtors Cash at bank and in hand Prepayments and accrued income Deferred acquisition costs Amounts due from members Total assets Liabilities Members' balances attributable to underwriting participations (20.1) (10.4) Technical provisions Provision for unearned premiums (8.2) (6.5) Reported claims (10.3) (6.8) IBNR claims (21.1) (16.6) (39.6) (29.9) Creditors Creditors arising out of reinsurance operations (1.7) (0.1) Other creditors - (0.1) (1.7) (0.2) Total liabilities (61.4) (40.5)

8 Forecast Result to Ultimate 31 December 2016 Best Case Expectation Forecast to Ultimate Worst Case Expectation Reporting Year of Account A B C Pure year earned premiums net of reinsurance Pure year total technical charges before net operating expenses (5.3) (5.3) (5.3) Pure year underwriting result Prior year underwriting result (0.0) (0.0) (0.0) Brokerage and commissions (2.6) (2.6) (2.6) Administrative expenses (including other acquistion costs) (1.2) (1.2) (1.2) Total investment return Profit to ultimate Profit to ultimate as % of capacity 29.1% 29.1% 29.1% Best Case Expectation Forecast to Ultimate Worst Case Expectation Reporting Year of Account A B C Pure year earned premiums net of reinsurance Pure year total technical charges before net operating expenses (8.4) (11.3) (14.2) Pure year underwriting result Prior year underwriting result Brokerage and commissions (5.5) (5.5) (5.5) Administrative expenses (including other acquistion costs) (5.7) (5.7) (5.7) Total investment return Profit to ultimate Profit to ultimate as % of capacity 45.0% 35.0% 25.0%

9 Large Losses Cat No Description YOA CCY Gross Ultimate Net Ultimate 10P New Zealand Earthquake Sept GBP - 3,780, ,780, C New Zealand Earthquake Feb GBP - 4,466, ,466, C New Zealand Earthquake Feb GBP - 1,758, ,758, N New Zealand Earthquake at summer 2010 GBP - 144, , N New Zealand Earthquake at summer 2011 GBP - 41, , J Hurricane Sandy from Caribbean and ongoing 2011 GBP - 192, , J Hurricane Sandy from Caribbean and ongoing 2012 GBP - 2,520, ,520, J Hurricane Sandy from Caribbean and ongoing 2013 GBP A Cyclone Oswald affecting Queensland and New South Wales, Australia GBP - 11, , F Flooding following heavy rain in Alberta 2012 GBP - 16, , F Flooding following heavy rain in Alberta 2013 GBP - 461, , K SK Hynix Semiconductor Loss 2012 GBP - 4, , K SK Hynix Semiconductor Loss 2013 GBP - 127, , F Brisbane and South-East Queensland storm, Aug GBP - 1, , F Brisbane and South-East Queensland storm, Aug GBP - 83, , D Hurricane Odile, Sep GBP - 253, , D Wildfire - Fort McMurray, Alberta, Canada 2015 GBP - 2,133, ,133, D Wildfire - Fort McMurray, Alberta, Canada 2016 GBP - 5,484, ,484, B Japan, Kumamoto earthquake 2016 GBP - 138, , F Valley fire in Lake, Napa and Sonoma counties 2014 GBP - 1, , D Warehouse explosions in Tianjin 2015 GBP - 1,257, ,257, C Ecuador Earthquake 2015 GBP - 123, , E Flooding hail and wind damage in Texas & Florida 2015 GBP - 62, , E Flooding hail and wind damage in Texas & Florida 2016 GBP - 121, , L Hurricane Matthew (irrespective of state) 2016 GBP - 6,029, ,029, N New Zealand earthquake, South Island near Hammer Springs 2016 GBP - 12, , P Gatlinburg Wildfire (Chimney Tops 2) Tennessee 2016 GBP - 156, ,054

10 Results and Cash Calls Analysis Reporting Year of Account Profit/(loss) for the period (QMA100 line 54) 1,803,303 Profit/(loss) B/fwd to Current Year 4,428,057 Cumulative (Loss)/Profit to date 6,231,360 Cash calls made/(distributions to members) to date - Members' balances attributable to underwriting 6,231,360 Cash Call/(Distribution) forecast schedule Current quarter +1 - Current quarter +2 - Current quarter +3 - Current quarter +4 - Current quarter +6 - Current quarter +8 - Thereafter - Total - Expected date of closure by RITC 31/12/2016 Reporting Year of Account Profit/(loss) for the period (QMA100 line 54) 9,208,421 Profit/(loss) B/fwd to Current Year 2,752,100 Cumulative loss to date 11,960,521 Cash calls made/(distributions to members) to date - Members' balances attributable to underwriting 11,960,521 Cash Call/(Distribution) forecast schedule Current quarter +1 - Current quarter +2 - Current quarter +3 - Current quarter +4 - Current quarter +6 - Current quarter +8 - Thereafter - Total - Expected date of closure by RITC 31/12/2017 Reporting Year of Account Profit/(loss) for the period (QMA100 line 54) 1,877,712 Profit/(loss) B/fwd to Current Year - Cumulative loss to date 1,877,712 Cash calls made/(distributions to members) to date - Members' balances attributable to underwriting 1,877,712 Cash Call/(Distribution) forecast schedule Current quarter +1 - Current quarter +2 - Current quarter +3 - Current quarter +4 - Current quarter +6 - Current quarter +8 - Thereafter - Total - Expected date of closure by RITC 31/12/2018