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HAMILTON, Bermuda - Hiscox Ltd (LSE:LON:HSX), the international specialist insurer, has released the final results for its Syndicate 33 for the 2022 account and Syndicate 6104 for the 2022 and 2020 accounts. Alongside these results, the company also provided current estimates for both syndicates’ 2023 and 2024 accounts, which include preliminary loss estimates from the recent Los Angeles wildfires.
Syndicate 33 posted a closing result of 12.5% of capacity for the 2022 account, which is within the previously estimated range of 6.4% to 16.4%. The syndicate’s capacity for the year was £1,699 million, with Hiscox holding a 73% share. For the 2023 account, the current estimate is between 10.4% and 20.4%, an increase from the previous estimate of 7.9% to 17.9%. The 2024 account is currently estimated to deliver a result between 3.0% and 13.0%.
Syndicate 6104, which Hiscox does not hold a share in, reported a substantial closing result of 47.0% for the 2020 account, surpassing the prior estimate of 34.2% to 44.2%. The 2022 account for Syndicate 6104 concluded with a 36.9% result, also exceeding the earlier estimate range of 21.8% to 31.8%. Looking ahead, the 2023 account is estimated to yield between 27.7% and 37.7%, while the 2024 account is projected to range from 2.5% to 17.5%.
These financial figures reflect the performance after standard personal expenses, such as Managing Agent fees and profit commission, as well as charges levied by Lloyd’s, but before Members Agents’ charges.
Hiscox, a Bermuda-headquartered global insurer listed on the London Stock Exchange (LON:LSEG), is known for its specialty insurance products. The company operates in 14 countries and employs over 3,000 people, serving customers worldwide.
The information provided in this article is based on a press release statement from Hiscox Ltd.
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