Hiscox closes Syndicate 33 and 6104's 2022 YoAs, discloses initial 2024 YoA forecasts

By Rebecca Delaney

March 3 - (The Insurer) - Hiscox said in a trading update on Monday that it has closed Syndicate 33's 2022 year of account with a 12.5% profit on its 1.7 billion pounds ($2.2 billion) of capacity.

The London-listed insurer had previously disclosed that its flagship syndicate was expected to generate a profit of between 6.4% and 16.4% of capacity for the 2022 YoA.

The trading update also provided the final results for Syndicate 6104's 2022 YoA, which closed with a 36.9% profit on its capacity of 13 million pounds. This exceeded the previously estimated range of 21.8% to 31.8%.

Syndicate 6104 has also closed its 2020 YoA with a 47.0% profit on its capacity of 44 million pounds, exceeding the previous forecast range of between 34.2% and 44.2%.

In addition, Hiscox has upped its profit forecasts for the 2023 YoA for Syndicate 33 and Syndicate 6104.

Syndicate 33 is now expected to generate a profit of between 10.4% and 20.4% of its 1.7 billion pound capacity for the 2023 YoA, up from the previous range of 7.9% to 17.9%.

Syndicate 6104 is now forecast to generate profit between 27.7% and 37.7% of its capacity of 19 million pounds, an increase from the prior range of 22.5% to 32.5%.

Hiscox has also disclosed initial estimates for the 2024 YoA for both syndicates, with the carrier noting that the figures take into account its preliminary net loss estimate of $170 million from the Los Angeles wildfires in January 2025.

The initial estimate for Syndicate 33's 2024 YoA points to a profit of between 3.0% and 13.0% on its 1.7 billion pounds of capacity, with Syndicate 6104 forecast to post a profit between 2.5% and 17.5% of its 57 million pounds of capacity for the 2024 YoA.