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HAMILTON, BERMUDA - Hiscox Ltd (LSE:LON:HSX) has updated its profit forecasts for Syndicates 33 and 6104 for the 2023 and 2024 accounts, according to a company press release issued Tuesday.
For Syndicate 33, the insurer estimates a profit range of 12.0% to 22.0% of capacity for the 2023 account, an improvement from the previous estimate of 11.3% to 21.3%. The 2024 account is forecast to deliver between 1.7% and 13.7% of capacity, up from the earlier projection of 0.9% to 13.0%.
Syndicate 6104 shows more substantial improvements in its forecasts. The 2023 account is now expected to return between 38.5% and 48.5% of capacity, significantly higher than the previous estimate of 29.7% to 39.7%. For the 2024 account, Hiscox projects returns of 5.3% to 22.8%, compared to the earlier estimate of 2.1% to 17.1%.
Both syndicates maintain the same capacity levels for 2023 and 2024, with Syndicate 33 at £1,699 million and Syndicate 6104 at £19 million for 2023, increasing to £57 million for 2024. Hiscox holds a 73% share in Syndicate 33 but no ownership stake in Syndicate 6104.
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, headquartered in Bermuda, operates as a global specialist insurer with over 3,000 employees across 13 countries.
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