Tokio Marine Kiln (TMK) Syndicates Limited has announced the latest forecasts for the 2018 and 2019 years of account for its two non-aligned syndicates.
The latest Lloyd’s of London syndicate results and forecasts from TMK show upward movement for Syndicates 510 and 557, reflecting the latest COVID-19 estimates for both years of account.
The previous forecasts, which were announced in August 2020 showed a dip on COVID-19, estimating bigger losses than the revised estimates.
Starting with the 2018 year of account, Syndicate 510, with capacity of £1,136 million, saw its forecast range revised to -3.2 to 1.8% compared to a range of -5.3% to -0.3% previously.
At the same time, Syndicate 557, with capacity of £35 million, saw its range revised upwards to -2.2 to 2.8% as of November 2020, compared to the previous range of -2.5% to 2.5%.
Turning to the 2019 year of account, Syndicate 510, with capacity of £1,133 million, was given a new forecast of -14.4 to -4.4%, in comparison to its August forecast of -14.6 to -4.6%.
Syndicate 557, with capacity of £32 million, was given a new forecast of -4.3 to 0.7%, in comparison to its August forecast of -4.9 to 0.1%.
Tokio Marine Kiln said the new forecast result is reflective of the current Covid-19 pandemic, as Syndicate 557 is expect to suffer losses in relation to business disruption and event cancellations.
Brad Irick, Chief Executive Officer of Tokio Marine Kiln, said: “This year has reinforced the critical role we play as insurers in underpinning economies and enabling our clients. I am incredibly proud of the commitment that all our employees, including our market leading claims team and expert underwriters, have shown throughout this period.
“As we approach the renewals season and with rates hardening across multiple business lines we are well positioned with the financial strength and expertise to leverage opportunities that are aligned with our risk appetite through 2021 and beyond.
“Our focus remains on delivering as a recognised top tier specialty insurer that is known for our people, our commitment to our clients and our values.”
