Leading insurer Hiscox has blamed losses from the WTC tragedy for the "deterioration" of its forecasts for Lloyd's syndicate 33.
The 2000 year of account for syndicate has suffered from "late" deterioration, the company said. The 2001 estimate, which has been significantly impacted by the WTC losses, may be affected by the improvement of underwriting conditions over the past year.
Revised forecast for the 2000 year of account is (5%) to (10%) while the 2001 forecast is (2.5%) to (7.5%).
The syndicate's capacity for the 2002 year of account has increased from £504m to £655m through qualifying quota share (QQS) reinsurance and Hiscox plans to increase this further for 2003 to £706m.
