Wellington Underwriting Agencies has published unaudited results for Syndicate 2020 for the 2001 year of account, and forecasts for 2002 and 2003.
It said Syndicate 2020 had a loss of 15.6% on capacity for the 2001 year of account, after expenses. It said the loss was at the lower end of previous predictions of between -15% and -20%.
Wellington said its participation in the syndicate for that year was 46.3%. It said incurred losses from the World Trade Center attack had developed as expected and reserves had been held at their original estimates.
Forecasts for the 2002 year of account have improved, said Wellington. The forecasts had improved from a previous range of 7.5% to 15% of capacity to a forecast profit of 10% to 15%, said Wellington, reflecting favourable claims development.
The company also issued early forecasts for the 2003 year of account, with the range of profit predicted to be between 11% and 18% of capacity.
It said Syndicate 2020 had benefited from a strong rating environment, a benign loss experience to date and reduced reinsurance costs.
During 2003 the syndicate also focused on its core business lines and entered into new initiatives through Wellington's US-based subsidiary Wellington Underwriting Inc, said Wellington.
