7th Jul 2015 09:27
LONDON (Alliance News) - Hiscox Ltd on Tuesday said it is expecting capacity for Syndicate 33 to remain at roughly GBP1 billion in 2016.
The specialist insurer said it will submit a final plan to insurance market Lloyd's of London later in the year. According to its 2014 annual report, Hiscox owns about 72.5% of Syndicate 33, which underwrites a mixture of reinsurance, property and energy business, as well as a range of specialty lines including contingency and terrorism risks.
That plan could involve a change to Syndicate 33's capacity following the US hurricane season.
Hiscox said it's required to make public its initial business forecast for Syndicate 33 at "this early stage of the year" because third-party capital providers are participating in its syndicates.
Special Purpose Syndicate 6104, which Hiscox manages solely on behalf of third-party capital providers, has had its 2016 targeted capacity reduced by Hiscox to GBP50 million from GBP68 million in 2015.
Hiscox also manages and provides all of the capital for Hiscox Syndicate 3624.
Hiscox shares were up 0.9% at 863.00 pence on Tuesday morning in London.
By Samuel Agini; [email protected]; @samuelagini
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