Managing agent’s report: (cont’d)Direct costs and Lloyd’s charges are incurred directly by the Syndicate. In addition to this, the Syndicate receives a proportion of the corporate level expenses that are incurred by Arch Europe Insurance Services Ltd (“AEIS”) that are then recharged to the Syndicate. In 2024 these were recharged to AMAL and passed on to the Syndicate.
Non-technical result
Profit of £20.2 million (2024: £38.6 million) was achieved on the technical account in the year. The non-technical result saw foreign exchange loss of £7.4 million (2024: loss £2.0 million).
Corporate and Social Responsibility
Our success is anchored by our culture of ethics and compliance. The Board recognises the pivotal role it plays in promoting ethical standards and integrity in the conduct of our business and is committed to maintaining a reputation for high standards of business conduct.
Arch Group maintains a Code of Business Conduct (the “Code of Conduct”) which sets expectations and provides guidance to our employees in key areas, including honest and fair dealing, anti-bribery and corruption, potential conflicts of interest, gifts, safety, harassment and discrimination prevention, antitrust and competition and document retention. The Code of Conduct applies to all employees, directors and officers within Arch Group, including the Syndicate, and is reviewed regularly to remain current with changing laws, regulations and industry best practices. To reinforce our commitment to these standards, Arch Group provides a 24-hour compliance hotline.
The Managing Agency, on behalf of the Syndicate is committed to respecting the rights of all individuals in our value chain. Arch Group maintains a Human Rights Policy that applies to each of its subsidiaries, including the Syndicate, and sets forth standards for global business conduct related to human rights and labour for our Syndicate, including all our employees and suppliers. In developing the Human Rights Policy, we considered the UN Universal Declaration of Human Rights. We operate a zero-tolerance approach to bribery, corruption and fraud and protecting our stakeholders is a key pillar of our strategy. Adhering to our values helps protect the Syndicate, our stakeholders and our communities from financial crime. To do so, the Managing Agency, on behalf of the Syndicate maintains a Financial Crime Policy, Conflicts of Interest Policy and Whistleblowing Policy whereas Arch Group, in addition to the Code of Conduct, maintains an Economic Sanctions Policy.
The Managing Agency, on behalf of the Syndicate is committed to providing equal opportunities to all employees and prospective employees in every facet of its operations. Our employment related decisions are made solely on the basis of the individual’s job qualifications and performance and without regard to race, colour, religion, creed, sex, national origin, ancestry, disability, age, genetic information, citizenship status, pregnancy, gender identity or expression, affectional or sexual orientation, atypical cellular or blood trait, marital status, veteran status, membership in the armed services, political affiliation, or any other characteristic protected by applicable law.
The Managing Agency, on behalf of the Syndicate is also committed to building diverse teams, fostering an inclusive culture where everyone can thrive, and providing employees with the tools and opportunities to grow as individuals and professionals. Diversity in our population means we have a rich source of backgrounds, skills and experiences that allow us to draw out new ideas and encourage innovation. Diversity and inclusion (“D&I”) is critical to our long-term success and therefore a top business priority. We support diversity at Arch and build awareness of inclusive practices and incorporate them into our regular course of business.
