Results
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GWP increased 24% year on year at the Asta-managed syndicate. -
The combined ratio improved by 3.2 points, from 80.9% in 2023 to 77.7% in 2024.
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The company booked profit for the year of £247mn, up 20% on the prior year.
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The syndicate’s claims ratio worsened due to an “exceptionally active” hurricane season.
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The syndicate expects £5.8mn-£8.6mn in California wildfire claims.
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Reinsurance made up 12% of the syndicate’s 2024 GWP.
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The market took a higher share of hurricane losses and couldn’t cut its acquisition costs.
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Standfirst: The syndicate reported a strong turnaround despite exposure to major claims.
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The syndicate achieved a profit despite a “relatively heavy” catastrophe year.
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Ki cut its top line by 8.7%, while Beazley’s smart-tracker expanded to $481mn.
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Results were impacted by prior year reserving and an unwind of intragroup reinsurance recoveries.
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Most of the market’s largest syndicates kept their CoRs below 90% as prices remained adequate.
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