Tokio Marine Kiln announces latest Lloyd’s syndicate results and forecasts

Tokio Marine Kiln Syndicates Limited have released updated forecasts for the 2018 and 2019 years of account for its two non-aligned syndicates...

Highlights

·            Forecast ranges have been extended on Syndicate 510 to reflect the uncertainty surrounding the impact of Covid-19

·            Committed to supporting our clients

Brad Irick, Chief Executive Officer of Tokio Marine Kiln, said:

“These latest forecasts are the first from TMK to reflect the effects of Covid-19. Although TMK has not been immune to impact of the pandemic, our underwriting teams are continuing to emphasise strict underwriting discipline, whilst enabling our clients to get back on line and support the economy.

“The pandemic has demonstrated the critical role that the insurance industry plays in supporting people, businesses and industries, and we are committed to supporting our clients through this fluid situation, ensuring that all valid claims are paid fairly and swiftly.”

The previous forecasts, which were announced in February 2020, have been rebased to the same exchange rates (US$1.24 and C$1.77). The forecasts set out below take into account all managing agency and Lloyd’s charges.

• The movement in the forecast range for Syndicate 510 is driven by the impact of Covid-19.
• Improvements in Syndicate 557 are driven by favourable movements on the closed years.

• Syndicate 510’s forecast result is reflective of the current Covid-19 pandemic, suffering losses in relation to business disruption and event cancellations.
• Deterioration in 557 driven by initial Covid-19 loss estimates.

The forecast for Syndicate 308 on the 2017 YOA (which remains open) is unchanged.