Insight and Intelligence on the London & International Insurance Markets 24 Apr 2018

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ILS syndicates report 2017 losses

  • Fiona Robertson and Lucy Jones 3 April 2018
  • The Lloyd's syndicates of insurance-linked securities (ILS) managers all made a loss in 2017 in the wakes of hurricanes Harvey, Irma and Maria.

    Nephila's Lloyd's Syndicate 2357 reported a $120.6mn loss in 2017 as its combined ratio soared to 167 percent.

    The losses were driven by the syndicate's MGA insurance business, which made an underwriting loss of $132.1mn on gross claims of $216mn.

    By contrast, its reinsurance segment made a $9.8mn profit, as reinsurance recoveries of $26.0mn helped reduce $129.7mn...

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