Kiln has released the final results for its four Lloyd's syndicates in 2003. The managing agent indicates that results are broadly commensurate with expectations.
Syndicate 510 achieved capacity of £483m, for a profit of 24.9%. This flagship syndicate accounts for more than three-quarters of Kiln's total managed capacity. Kiln attributes the profit to a combination of high prices and a favourable claims environment.
Kiln's other syndicates — 557, 807 and 308 — achieved respective capacities of £55m, £87m and £4m, for profits of 39.2%, 15% and 6.7%.
The 2004 forecasts have been revised downwards as a result of Hurricane Wilma, while initial estimates for 2005 also take into account large catastrophe losses. The expectation is that Syndicate 510 will achieve a capacity of £546m in 2005.
