Classes of business

Classes of business

Aviation
With only two syndicates trading in 2001 under the classification of aviation any analysis of this sector by syndicate is incomplete. Most of the associated risks are now written as part of the composite syndicates.

Data released at the end of the September 2001 quarter shows the familiar, rather gloomy picture. Net premium income for 2000 is now running slightly above that of 1996 and that for 2001 is tracking 2000. The net paid loss ratio for 1999 is at an all-time high for the 1990s with 2000 only ten points lower, so there is no prospect of profit in the offing.

Although 2000 was not a bad year in terms of losses, it has been seriously affected by events in 2001. The losses on 11 September will fall into the 2000 year. The year 2000 was also affected by the Tamil Tiger attack on Sri Lankan Airlines with losses of between $500m (£352m) and $600m (£432m). This was a war loss and it will be spread between the two years 2000 and 2001.

Rates have risen drastically since 11 September. First, there has been a surcharge of $1.25 (88 pence) per passenger flying, which is estimated to generate $1.75bn (£1.2bn) in a full year. Furthermore, with increases of 80% imposed on autumn 2001 renewals, the total premium for airline hull and liability insurance in the next year is estimated at $4bn (£2.8bn).

Much of this increased premium will fall into the 2001 year with many renewals incepting on 1 October, so losses of 100% on the 2000 year might be transformed into a profit for 2001. Given no more unusual events such as terrorist attacks, the outlook for aviation looks to be the healthiest for two decades.

Source: Chatset

Aviation
Syndicate number: 0340
Managing agent: St Paul Syndicate Management

Composite
Syndicate number: 0033
Managing agent: Hiscox Syndicates

Syndicate number: 0382
Managing agent: Hardy (Underwriting Agencies)

Syndicate number: 0510
Managing agent: RJ Kiln and Co

Syndicate number: 0566
Managing agent: Limit Underwriting Limited

Syndicate number: 1003
Managing agent: Catlin Underwriting Agencies

Syndicate number: 1208
Managing agent: Cox Syndicate Management

Syndicate number: 1209
Managing agent: XL London Market

Syndicate number: 1414
Managing agent: Ascot Underwriting

Syndicate number: 2001
Managing agent: Amlin Underwriting

Syndicate number: 2003
Managing agent: Catlin Underwriting Agencies

Syndicate number: 2010
Managing agent: Cathedral Underwriting

Syndicate number: 2020
Managing agent: Wellington Underwriting Agencies

Syndicate number: 2400
Managing agent: Brit Syndicates

Syndicate number: 2488
Managing agent: ACE Underwriting Agencies

Syndicate number: 2987
Managing agent: Brit Syndicates

Syndicate number: 2999
Managing agent: Limit Underwriting

Syndicate number: 3000
Managing agent: Markel Syndicate Management

Marine
Marine saw a catastrophe-free year in 2000 with reinsurance rates rising, a small loss forecast for 2000 and with prospects for 2001 looking better.

The past year has dashed any hope of improvement - 1998 turned out to be a lower loss than anticipated due to releases from reserves, but 1999 has steadily deteriorated, while 2000 has suffered from a lower premium income than 1999 and an increased loss ratio.

The energy market has been particularly badly hit with the Petrobras rig loss off the Brazilian coast costing over $600m (£423m) and most of it falling on Lloyd's. This loss affected both 2000 and 2001.

Premium income fell again in 2000 to its lowest level since 1996 and 2001 is running below the 2000 level. Increasing rates are mooted for 2002.

Source: Chatset

Marine
Syndicate number: 0002
Managing agent: BF Caudle Agencies

Syndicate number: 0102
Managing agent: Goshawk Syndicate Management

Syndicate number: 0282
Managing agent: Liberty Syndicate Management

Syndicate number: 0457
Managing agent: Munich Re Underwriting

Syndicate number: 0609
Managing agent: Atrium Underwriters

Syndicate number: 1036
Managing agent: Limit Underwriting

Syndicate number: 1084
Managing agent: Chaucer Syndicates

Syndicate number: 1183
Managing agent: Talbot Underwriting

Syndicate number: 1221
Managing agent: Navigators Underwriting Agency

Syndicate number: 1861
Managing agent: Marlborough Underwriting Agency

Syndicate number: 2241
Managing agent: Chartwell Managing Agency

Life
Syndicate number: 0044
Managing agent: Chartwell Managing Agents

Syndicate number: 0308
Managing agent: RJ Kiln and Co

Syndicate number: 0389
Managing agent: Brit Syndicates

Syndicate number: 0779
Managing agent: St Paul Syndicate Management

Motor
There has at long last been an improvement in the motor market. Rates increased by 20% in 1999, but little improvement has been seen in the loss ratios. After increasing losses from 1996 to 1998, a much improved result was expected from 1999.

However, this has not been the case and another loss is currently forecast at 16%.

Although 1999 will produce a loss similar to 1998, those on the right syndicates will experience only marginal loss.

In 2000 the settled loss ratio is eight points better than 1999 and only a small loss is forecast over the market. For 2001, loss ratios are again lower and for 2002, the outlook for UK motor looks promising with rates holding at 2001 levels.

Source: Chatset

Motor
Syndicate number: 0037
Managing agent: Ockham Personal Insurance Agency

Syndicate number: 0218
Managing agent: Cox Syndicate Management

Syndicate number: 0260
Managing agent: KGM Underwriting Agencies

Syndicate number: 0587
Managing agent: Chaucer Syndicates

Syndicate number: 0980
Managing agent: Ensign Managing Agency

Syndicate number: 1923
Managing agent: Greenwich Managing Agency

Syndicate number: 2002
Managing agent: Zenith Syndicate Management

Syndicate number: 2004
Managing agent: Admiral Syndicate Management

Syndicate number: 2037
Managing agent: Ockham Personal Insurance Agency

Syndicate number: 2040
Managing agent: Brit Syndicates

Non-marine
As with the aviation and marine sectors, the open years 1999 and 2000 have steadily deteriorated during the year. Catastrophes hit 1999 hard, but these settled down by the beginning of 2001. However, the property and casualty accounts have continued to deteriorate and loss ratios have moved steadily ahead of 1998.

The year 2000 has seen a healthy rise in premium income and loss ratios are lower than both 1998 and 1999. However, the casualty account has deteriorated and property continues to be a difficult area, particularly US binders. The year will also be affected by losses occurring in 2001. The first serious loss was a tropical storm named Alison which did damage of nearly $3bn (£2.1bn). It caused serious flooding in the commercial areas of Houston and damaged hi-tech equipment, much of which was insured at Lloyd's.

The second serious loss was the World Trade Centre and surrounding buildings. Rate increases have clearly been insufficient and before 11 September the year was showing only a marginal result for non-marine.

Source: Chatset

Non-marine
Syndicate number: 0138
Managing agent: RF Bailey (Underwriting Agencies)

Syndicate number: 0190
Managing agent: Liberty Syndicate Management

Syndicate number: 0205
Managing agent: Jago Managing Agency

Syndicate number: 0227
Managing agent: St Paul Syndicate Management

Syndicate number: 0318
Managing agent: Ensign Managing Agency

Syndicate number: 0386
Managing agent: Limit Underwriting

Syndicate number: 0435
Managing agent: Faraday Underwriting

Syndicate number: 0557
Managing agent: RJ Kiln and Co

Syndicate number: 0570
Managing agent: Atrium Underwriters

Syndicate number: 0582
Managing agent: St Paul Syndicate Management

Syndicate number: 0623
Managing agent: Beazley Furlonge

Syndicate number: 0727
Managing agent: SA Meacock & Company

Syndicate number: 0780
Managing agent: BF Caudle Agencies

Syndicate number: 0807
Managing agent: RJ Kiln and Co

Syndicate number: 0839
Managing agent: Chartwell Managing Agents

Syndicate number: 0958
Managing agent: Omega Underwriting Agents

Syndicate number: 0962
Managing agent: Creechurch Underwriting

Syndicate number: 0990
Managing agent: XL London Market

Syndicate number: 0994
Managing agent: Greenwich Managing Agency

Syndicate number: 1007
Managing agent: SVB Sydicates

Syndicate number: 1047
Managing agent: Sackville Syndicate Management

Syndicate number: 1096
Managing agent: Chaucer Syndicates

Syndicate number: 1173
Managing agent: Sackville Syndicate Management

Syndicate number: 1176
Managing agent: Cox Syndicate Management

Syndicate number: 1204
Managing agent: RJ Kiln and Co

Syndicate number: 1206
Managing agent: Gerling at Lloyd's

Syndicate number: 1211
Managing agent: St Paul Syndicate Management

Syndicate number: 1218
Managing agent: Newline Underwriting Management

Syndicate number: 1225
Managing agent: AEGIS Managing Agency

Syndicate number: 1241
Managing agent: SVB Syndicates

Syndicate number: 1243
Managing agent: Euclidian Underwriting

Syndicate number: 1245
Managing agent: Heritage Managing Agency

Syndicate number: 1301
Managing agent: Chaucer Syndicates

Syndicate number: 1400
Managing agent: Danish Re Syndicates

Syndicate number: 1607
Managing agent: Creechurch Underwriting

Syndicate number: 2121
Managing agent: Sackville Syndicate Management

Syndicate number: 2147
Managing agent: SVB Syndicates

Syndicate number: 2323
Managing agent: Sackville Syndicate Management

Syndicate number: 2468
Managing agent: Marketform Managing Agency

Syndicate number: 2525
Managing agent: Abacus Syndicates

Syndicate number: 2607
Managing agent: Creechurch Underwriting

Syndicate number: 2791
Managing agent: Managing Agency Partners

Syndicate number:3210
Managing agent: Chaucer Syndicates