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HAMILTON, Bermuda - Hiscox Ltd (LSE:LON:HSX), a global specialist insurer, has updated its financial estimates for Syndicates 33 and 6104 for the 2023 and 2024 accounts. The revised estimates, expressed as a percentage of capacity, reflect changes in the projected performance of both syndicates.
For Syndicate 33, the 2023 year of account estimates increased to a range of 11.3% to 21.3%, up from the previous 10.4% to 20.4%. The 2024 estimates for the same syndicate show a decrease, now ranging from 0.9% to 13.0%, compared to the earlier forecast of 3.0% to 13.0%. Hiscox holds a 73% share in Syndicate 33, which has a capacity of £1,699 million for both years in question.
Syndicate 6104’s estimates for the 2023 year of account have been adjusted to a range of 29.7% to 39.7%, an increase from the previous 27.7% to 37.7%. The 2024 estimates also saw a slight change, now expected to be between 2.1% to 17.1%, compared to the former 2.5% to 17.5%. Hiscox does not have a share in Syndicate 6104, which has a capacity of £19 million for 2023 and £57 million for 2024.
The estimates are calculated after standard personal expenses, including Managing Agent fees and profit commission, as well as all charges levied directly on syndicates by Lloyd’s, but before Members Agents’ charges.
Hiscox Ltd, with over 3,000 employees across 13 countries, underwrites a diverse portfolio of insurance products through its retail businesses in the UK, Europe, Asia, and the USA, as well as internationally traded business and reinsurance through Hiscox London Market and Hiscox Re & ILS.
These revised estimates are based on a press release statement and reflect the company’s current expectations for the performance of its syndicates. Investors and stakeholders in the insurance market monitor such updates closely as they can indicate the financial health and operational efficiency of the underwriting syndicates involved.
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