Chaucer said it had made a “promising start” to 2005 with its 2005...
Chaucer said it had had a “promising start” to 2005 with its 2005 renewal period starting “encouragingly” as rates are ahead of budget.
In listing its syndicate results for the 2002 year of account, Chaucer said it had produced a profit on stamp of 20.3% as syndicates 587, 1084 and 1096 delivered “strong” results.
In the 2003 year of account, Chaucer has forecast an increase in motor Syndicate 587 of between 16% and 21%, up from its previous forecast of 11.5% to 16.5%.
The syndicate said the improved forecast reflected a “continued favourable” claims settlement and reserving experience and improved equity investment returns for 2004.
Marine Syndicate 1084 and non-marine Syndicate 1096 “enjoyed favourable underwriting environment in 2003 and 2004,” it said.
Hurricanes, however, affected Chaucer's property division, and approximately one third of its losses will fall in the 2003 year of account and two thirds in 2004.
Chaucer said hurricane losses would not devastate its forecasts in the divisions. In both syndicates it forecast results between 9% and 14%, an increase on both previous forecasts.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
