Liberty Specialty Markets is reporting that Syndicate 4472 saw its pre-tax operating income fall from £157.1m in 2020 to £89.7m in 2021.
No reason was given for the fall, but the Syndicate still achieved a combined operating ratio of 89.4% compared with 98.5% in 2020. Gross written premium was £1.42bn, up £59.1m from 2020’s £1.36bn. That improvement, said Liberty Specialty Markets, was driven by significant rate increases and new business opportunities across the portfolio.
Jane Warren, active underwriter at Liberty Specialty Markets, said that the 2021 result was ‘excellent’ and built on the previous year’s strong performance. She began her present role in April last year, having joined the company in 2019 from Axis Specialty Europe.
She added: “Our result reflects impressive underlying performance resulting from robust underwriting discipline, focused risk selection and collaboration across the business. Despite larger than expected natural catastrophes, our careful limits management and deliberate deployment of capital allowed us to deliver an improved underwriting return.”
