Lloyd's insurer raises capacity on Syndicate 33

Hiscox has submitted a capacity forecast for Syndicate 33 of £1bn for 2010, an increase of £250m on 2009.

The Lloyd's insurer is required to make this public now due to the participation on its syndicates by third party capital.

In a statement to the London Stock Exchange, the company said: "This increase is driven by the movement in the Lloyd's Premium Income Monitoring exchange rate from $1.99 for 2009 to $1.50 for 2010.

"A final plan will be submitted to Lloyd's in late September which may involve a change to Syndicate 33's capacity depending on loss activity over the next three months and other corporate plans."

Hiscox also manages special purpose syndicate 6104 solely on behalf of third party capital providers and Syndicate 3624 which is fully aligned with all of its capital being provided by Hiscox Group companies.

Topics