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Operating & Financial Review
Non-Marine & Reinsurance
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| Tony Holt - Group Underwriting Director |
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- 56% of gross premiums written
- 3,750 risks/programmes underwritten
- Average per risk line size of £3.2 million
- Average rate reduction on renewals of 4.68%
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| 2005 Actual written premium |
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2004 |
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| Catastrophe reinsurance |
34.3% |
28.0% |
| Property insurance |
19.0% |
21.9% |
| Property reinsurance |
11.0% |
12.1% |
| Liability |
8.4% |
10.3% |
| Auto |
7.5% |
8.0% |
| Proportional reinsurance |
7.0% |
6.7% |
| Other |
3.5% |
2.2% |
| Accident & health |
3.3% |
3.1% |
| Marine reinsurance |
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3.4% |
| Credit insurance |
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3.1% |
| Aviation reinsurance |
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1.2% |
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| Syndicate 2001 at Lloyd's |
Funding
Syndicate 2001 is supported by £427 million of funds at Lloyd's.
Ratings
A.M. Best - 'A' (Excellent)
"Syndicate 2001 has an excellent market profile and leadership position in most of the classes it writes."
Moody's - 'A1' (Stable)
"The affirmation of Syndicate 2001's A1 IFSR reflects the continuation of credit strengths such as strong underwriting skills and underwriting controls, a good franchise and good earnings, together with the expectation that it will continue to deliver above-average performance over the underwriting cycle."
Standard & Poor's - Interactive Lloyd's Syndicate Assessment Rating 4 (Stable)
"The syndicate has consistently outperformed the Market in each of the five most recent years of account a particularly strong level of performance in light of the syndicate's conservatism when setting its reserves and forecasts, and the fact that this timeframe includes the 2000 and 2001 years of account, which were heavily affected by losses arising from the events of September 11, 2001."
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