Chaucer has published an update on syndicate forecasts for the 2005 and 2004 years of account and current trading.
2004 is set to generate a third consecutive year of healthy underwriting profits, according to the forecast, with 2005 remaining on course to produce a small profit despite market-wide record hurricane losses.
Chaucer predicts an “extremely promising” 2006 with continued strong trading conditions and an exceptionally benign hurricane season to date
As Chaucer announced in September, in order to capitalise further on the current rating environment, it has increased the 2007 Business Plan capacity for Syndicate 1084 to £485m, an increase of £35m or 7.8%. It has also increased the underwriting capacity of Syndicate 1176 by £5m to £27.5m for 2007. The group's total underwriting interests on these syndicates will be not less than £465m for 2007, an increase of £38m or 9% on the 2006 total of £427m.
Ewen Gilmour, Chaucer chief executive, said: “Both the positive picture for 2004 and our robust performance for 2005, despite record catastrophe losses, combined with the strong trading conditions experienced in 2006, including an exceptionally benign hurricane season to date, are extremely encouraging.”
