Hiscox has left forecasts unchanged for its flagship Lloyd’s Syndicate 33 for the 2024 and 2025 years of account, while materially improving the 2024 outlook for Syndicate 6104, according to updated year-of-account estimates.
The Bermuda-headquartered specialist insurer said the current estimate for Syndicate 33’s 2024 year of account remains unchanged at between 3.4% and 15.4% of capacity, with the 2025 year of account also unchanged at between 3.5% and 13.5%.
Syndicate 33, Hiscox’s main Lloyd’s platform, carried capacity of £1.696 billion for 2024 and £1.699 billion for 2025.
The insurer also reported an improved forecast for Syndicate 6104’s 2024 year of account, revising the estimate to between 3.8% and 21.3% of capacity from a previous range of 7.8% to 25.3%.
The updated guidance indicates a narrower downside range for the special purpose arrangement, which operated with £56 million of capacity in 2024.
For the 2025 year of account, Syndicate 6104’s estimate remained unchanged at between 23.2% and 38.2% of capacity on £78 million of capacity.
Hiscox confirmed it retains no participation in Syndicate 6104, which is backed entirely by third-party capital providers.
The company said the increase was driven by new third-party capital inflows ahead of the January renewals.
