Axa XL Syndicate 2003 reports 134% combined ratio for 2020

31 March 2021

Axa XL’s flagship Syndicate 2003 reported a loss of £334mn ($459mn) for the year as its combined ratio deteriorated by 23.8 points to 133.8% on Covid-19 losses and adverse development on long-tail lines.

In 2019, the syndicate had reported a profit for the year of £27mn.

The combined ratio result for Syndicate 2003 far underperformed the Lloyd’s market aggregate of 110.3%.

The

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