Hiscox Syndicates raise profit forecasts for 2024 account

International specialist insurer Hiscox has released updated estimates for Syndicate 33’s and Syndicate 6104’s 2023 and 2024 accounts.

For the 2023 year of account, Hiscox now estimates that Syndicate 33 will generate a return of 12% to 22% on its capacity of £1.699 billion, of which Hiscox holds a 73% share.

This estimate remains consistent with its previous projection, which also ranged between 12% to 22%.

For the 2024 year of account, Syndicate 33 is expected to generate a return of 2.4% to 14.4%, higher when compared to the previous estimated range of 1.7% to 13.7% on its capacity of £1.699 billion, of which Hiscox holds a 73% share.

Syndicate 6104 saw notable improvements in its profit projection for both years. It is important to note that Hiscox, as a company, does not hold any ownership of this Syndicate.

For the 2023 year of account, Syndicate 6104 is now estimated to generate a return of 41.0% to 51.0% on its capacity of £19 million, compared to the previous range of 38.5% to 48.5%.

Meanwhile, for the 2024 year of account, Syndicate 6104 is expected to produce a return in the range of 7.5% to 25.0% on the capacity of £57 million. This compares to the earlier estimated range of 5.3% to 22.8%.

All Syndicates’ estimates, Hiscox clarified, are calculated after standard personal expenses, such as Managing Agent fees and profit commission, and all charges levied directly on syndicates by Lloyd’s, but before Members Agents’ charges.