Lloyd's managing agency RJ Kiln & Co released results today for its managed syndicates for the 1999 year of account, and forecasts for the 2000 and 2001 years.
Kiln said that all the syndicate results fell within its estimates. Syndicates 510, 807 and 308 declined in growth in 1999, while syndicate 557 increased by 6% of capacity.
Kiln has updated its estimates for 2000 and 2001 since its September 2001 forecasts. For 2000, it said its forecast indicated an "improvement in underlying underwriting performance in the three largest syndicates under management".
It forecast a loss of approximately £6m for the 2001 year of account. Syndicate 557 is expected to be worst hit.
However, the company said it was pleased to predict an overall profit for syndicate 510 for 2001, despite World Trade Centre losses.
The forecasts for 2000 and 2001 depend on no further "abnormally large" losses to the syndicates in these years.
Chief executive Edward Creasy commented: "With all our 1999 year of account results falling within our range of estimates, and our 2000 and 2001 forecasts remaining on track, we remain confident of the potential for strong future profits from the current Kiln portfolio.
"Having achieved an annual increase in capacity of 74% for 2002 through pre-emption and the purchase of qualifying quota share treaties, Kiln is now strongly placed to take full advantage of market conditions as they continue rapidly to improve."
