Syndicate outlookStamp capacity for the 2026 year of account at £192,878k is marginally higher than the 2025 year of account (£192,666k).
Going into 2026, the industry faces a number of challenges and uncertainties, driven by the volatile geopolitical and economic landscapes, including ongoing inflationary pressures. Wider challenges also continue to exist such as the potential risk for increased frequency and magnitude of major loss events due to climate change, excess capacity, the cost of doing business in the London Market, and increased competition.
As per the 2025 underwriting year, the Syndicate’s planned portfolio for the 2026 underwriting year does not include any US Property risk. Whilst conditions remain favourable in this area, this has been a material source of volatility in the Syndicate’s historic performance and so there remains little appetite to go back into this area.
The underlying portfolio will therefore remain largely unchanged, with modest growth in areas where there is margin and contraction where conditions are more challenging.
Brit remains cognisant of the potential impacts of inflation, with work being undertaken internally to quantify and mitigate its impact on profitability. There is continued focus on ensuring that underwriting and pricing adequately addresses inflationary trends and Brit continues to review the key drivers of claim settlement costs and frequency by class of business. The Syndicate’s reserves continue to be set at a margin above the actuarial estimate, which is in turn set on a conservative best estimate basis incorporating management’s current view of social and economic inflation.
The Syndicate’s outwards reinsurance renewals at 1 January 2026 have been successfully completed, with the extent and type of cover evolving in line with the development of the inwards book.
The insurance market continues to evolve, but Syndicate 2988’s strategy, agile approach and underwriting discipline position it well to take advantage of opportunities as they arise.
Going concern
Following a review of the financial performance and position of the Syndicate, the Directors have a reasonable expectation that the Syndicate has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the report and accounts.
Principal risks and uncertainties
The information on principal risks and uncertainties is disclosed in note 3 to the accounts.
Employee and environmental matters
All staff in the UK are employed by Brit Group Services Limited, the group’s service company, and the full staff cost disclosures are included in the notes to those accounts. Amounts are recharged to the Syndicate as part of the annual fixed fee charged by the Managing Agent.
Climate change will impact Brit’s business and all its stakeholders, and Brit is committed to responsible business practices and recognises that it is most effective when acting alongside others in the industry.
Directors
The names of the current Directors of the Managing Agent and those who have served during the year are shown on page 4.
Independent Auditors
PricewaterhouseCoopers LLP remain in office as the Syndicate’s auditors.
