Ascot 1414 combined ratio deteriorates 5 points to 91.6% in 2024

By Michael Jones

March 24 - (The Insurer) - Ascot 1414 reported in its annual syndicate accounts that it posted a 91.6% combined ratio for the 2024 financial year, a 5 percentage point deterioration on the prior year.

• Net loss ratio deteriorates by 6pp to 57.9% for 2024

• 2024 GWP up 8% to $1.94 billion

• Syndicate result was $185.1 million profit for 2024

The syndicate pointed to a "relatively heavy catastrophe year" that included Hurricanes Milton and Helene, with Ascot 1414's net loss ratio increasing by 6 percentage points year-on-year to 57.9%.

This included the Francis Scott Key Bridge incident in Baltimore, which contributed a gross loss of $197.8 million and a net loss of $24 million.

Ascot 1414's GWP was $1.94 billion in 2024, an 8% increase on the prior year.

This was driven by a combination of rate increases, new business opportunities and notable reinstatement premiums from catastrophe events arising during the financial year. Excluding reinstatement premiums of $77.3 million, premium growth was 6%.

The syndicate's result for the 2024 financial year was $185.1 million, down on a 2023 restated profit of $252.6 million.

This syndicate result was supported by an overall investment return of $53.1 million, Chaucer said. This was down on 2023's $89.1 million figure.