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HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1 2 2 1
at LLOYD’S
Annual Syndicate Accounts
31 December 2025
Contents
2
Directors and administration
3
Strategic report of the Directors of the Managing Agent
4
Report of the Directors of the Managing Agent
13
Statement of Managing Agent's responsibilities
15
Independent Auditor’s report to the Member's of Syndicate 1221
16
Income Statement: Technical account - General business
20
Income Statement: Non-technical account
21
Statement of Other Comprehensive Income
21
Statement of Financial Position – Assets
22
Statement of Financial Position – Liabilities
23
Statement of Changes in Member's Balances
24
Statement of Cash Flows
25
Notes to the Financial Statements
26
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1 2 2 1
at LLOYD’S
Directors and Administration
Managing Agent
Directors
C L Bach III
C H Bassett* (appointed 27 March 2025)
A A Darfoor*
N J Farrer
D Garland*
D Hunt* (appointed 12 November 2025)
D Soni (resigned 27 March 2025)
C D Sprott
M J Sullivan*
* Non-executive
Managing Agent's Registered Office
8
th
Floor
6 Bevis Marks
London
EC3A 7BA
Managing Agent's Registered Number
01380715
Active Underwriter
Colin D Sprott
Bankers
Citibank N.A.
Royal Bank of Canada
Societe Generale S A
Investment Managers
New England Asset Management Limited
Statutory Auditor
Deloitte LLP, London
Directors’ Interests
None of the Directors of the Managing Agent have any participation in the Syndicate’s premium income
capacity.
Solicitors
Norton Rose Fulbright LLP, London
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1 2 2 1
at LLOYD’S
3
Strategic Report of the Directors of the Managing Agent
The Directors of the Managing Agent (“the Directors” or “the Board”) present their report for Syndicate 1221
(“Syndicate”) for the year ended 31 December 2025 , with comparisons based on the prior year ended 31 December
This Strategic Report provides an overview of the Syndicate’s strategic management, business environment,
performance and financial position. In addition, whilst there is no specific requirement to report on the actions
taken to respond to climate change, the Syndicate’s actions are set out within the paragraphs that follow.
Strategic management
In 2025, the Syndicate reported an overall profit and an underwriting combined ratio of 83.9% (2024: 86.1%). The
overall result in 2025 benefitted from the higher yield investment environment, prior year reserve releases of
£18.6m (2024: £19.7m) and limited catastrophe loss experience. A more detailed review by division is provided in
the Market Review paragraphs. Market conditions remained broadly supportive across most lines of business
through 2025, although pricing momentum softened across a number of classes. Despite the softening rate
environment, underwriting discipline remains strong, supported by sustained profitability, robust loss experience
and a continued emphasis on rate adequacy and oversight from leadership.
Against this backdrop, gross written premium increased by 6.0% in 2025, driven primarily by selective expansion
in performing classes. Looking ahead to 2026, the Board expects the gradual softening of market conditions to
continue. Notwithstanding this, the Syndicate remains well positioned to deliver profitable performance, supported
by a strong underlying underwriting environment, disciplined risk selection and continued oversight from senior
management. The 2026 Syndicate Business Forecast maintains gross written premium capacity at £400m.
The Hartford Insurance Group, Inc., known as “The Hartford”, a United States based company in Connecticut,
continues to work closely with the Syndicate management. This enables the Syndicate to leverage the wider
Hartford Group resources across a number of functions including Underwriting and Underwriting Operations,
Actuarial, Finance, IT and Claims. As the Syndicate is The Hartford’s main underwriting platform for international
operations outside of the USA, the Syndicate is expected to be an instrumental vehicle for The Hartford’s future
international growth.
The Board is conscious that climate change is likely to significantly impact the global insurance and reinsurance
market, risk assessment, selection and pricing in the future. The potential risk, frequency and severity of loss to
insured parties is likely to increase. For an insurer, climate change presents a mix of opportunities and threats. As a
result, the type and level of cover offered by the Syndicate in the future may vary to that offered at present.
Increasing global temperatures are expected to contribute to greater frequency and severity of extreme weather
events, including windstorm and flood, which may impact insured losses across multiple classes of business,. The
Board is aware that the consequential increase in loss of life, property, business interruption, increased political
violence and litigation is likely to mean that pricing models will need to be adapted to take account of the resulting
change in the natural as well as insurance and reinsurance environments. This is carefully considered within the
Syndicate Business Forecast setting process.
In addition, investment losses have the potential to arise from exposure to industries impacted by climate change.
The Syndicate has a diversified investment portfolio, with limits on exposure to individual issuers and sectors.
The Board's Investment Policy requires the Syndicate's investment managers to actively consider Environmental,
Social and Governance issues ("ESG") as part of the ongoing assessment of the portfolio performance and risk.
Additionally strict limits have been put in place relating to investments in those companies which generate
revenues from coal and oil extracted from tar sands. Coal produces outsized greenhouse gas emissions in relation
to the energy content it produces, contributing to extreme weather and air pollution, and we believe coal-based
business models represent heightened investment risks as the global economy transitions to cleaner energy sources.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
4
Strategic Report of the Directors of the Managing Agent (continued)
Business performance measures
The Syndicate recorded a profit for the year of £121.9m compared to a profit of £73.8m for the prior year. This
profit comprised an underwriting profit of £58.2m (2024: underwriting profit of £47.3m), an overall investment
gain of £49.8m (2024 gain: £31.3m) and foreign exchange profit of £7.2m (2024 loss: £6.5m). The Syndicate’s
combined ratio for 2025 was 83.9% (2024: 86.1%).
The Syndicate’s key financial performance indicators during the year were as follows:
2025 2024 % Growth
£000 £000
Gross premiums written 458,538 432,687 6.0%
Net premiums written 380,289 354,604 7.2%
Net earned premiums 360,749 340,476 6.0%
Net operating expenses 125,953 114,847 9.7%
Investment income 31,002 27,426 13.0%
Combined Ratio 83.9% 86.1%
Note: The combined ratio is the ratio of net claims incurred plus net operating expenses to net premiums earned
and excludes foreign exchange gains and losses. A lower combined ratio represents better performance.
Gross written premiums for 2025 were £458.5m, representing an increase of 6.0% compared to 2024. This
increase was driven by good growth across all our business divisions in line with strategy, with our new Power and
Renewables line and our newly opened Singapore office contributing to this growth.
Net written premiums increased by 7.2% and net earned premiums increased by 6.0%, consistent with our growth
in top-line.
Net operating expenses are 34.9% of the combined ratio (2024: 33.7%).
Investment income, which excludes unrealised gains and losses, increased by 13.0% from the prior year due to
more funds under investment and an increase in yields. The overall investment result, which is net of investment
expenses, was a gain of £49.8m compared to a gain of £31.3m in the prior year, driven by the improved yield
environment and a return to more normal investment valuations.
The Syndicate’s combined ratio has improved from 86.1% in 2024 to 83.9% in 2025. The decrease is driven by:
• Increased favourable prior year reserve development, resulting in an improved net incurred claims
ratio of 3.5%
• Offset to an extent by an increase in the expense ratio, driven by investment in headcount and
technology
Member’s Funds
The Member’s Funds stood at £224.1m (2024: £160.0m) at year end, with the increase due to the overall profit for
the year as outlined above. During 2026, Syndicate 1221 will close the 2023 underwriting year with a profit of
£97.9m, compared to a profit of £101.8m on the 2022 year of account, closed during 2025.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
5
Strategic Report of the Directors of the Managing Agent (continued)
Market Review
A review of our five divisions is provided below:
Marine & Energy
During 2025, the Marine portfolio continued to write a broad section of the Marine market, concentrating on
Cargo, Ports & Terminals, Marine & Energy Liability, Specie and Upstream Energy.
Market conditions were broadly in line with expectations through 2025, with rate reductions seen across Cargo,
Transport and Upstream Energy bringing in a change to the increases seen in recent years. During 2025 we
commenced writing business in the Power and Renewables sector of the market, a line which has made a strong
start in its first year of operation.
Financial Lines
Financial Lines covers the Professional class of business, incorporating Errors and Omissions (“E&O”), Directors
and Officers (“D&O”) and Financial Institutions (“FI”). Market conditions have remained in line with the prior
year with rate reductions across both the Commercial and Financial Institutions D&O portfolios. The Syndicate
continued to focus on risk selection and portfolio optimisation to maintain underwriting margins.
Business is written from our London and Hong Kong offices and from 2025, our newly opened Singapore office.
Casualty
Casualty comprises the General Liability, Life Sciences and Environmental books of business. During 2025, all
lines continued to grow at a strong rate, whilst overall pricing levels remained stable.
Political Risks
Political Risks covers Political Violence and Terrorism (“PV&T”) and Credit and Political Risk (“CPRI”). We
ceased writing Aviation War business in 2023 due to lack of improvements in market conditions after the Russia/
Ukraine losses. This line of business was historically exclusively written from our London office, however during
2025 we started additionally writing this line from our newly opened Singapore office.
Global Re
Our Global Re division forms part of the wider assumed reinsurance offering of The Hartford, with the Syndicate
providing access to London Market business. The division writes a stable portfolio of business, concentrated on
International Property Treaty.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
6
Strategic Report of the Directors of the Managing Agent (continued)
Market Review (continued)
Principal risks and uncertainties
The Managing Agent has established a robust enterprise-wide Risk Management Framework to identify, assess
and manage the risks it faces. The framework ensures that risks are proactively managed using a number of risk
management techniques, which helps assess threats to objectives.
The Board reviews risk appetites annually as part of the Syndicate’s business planning and capital setting
processes and as an element of its risk management framework. The Board has identified the principal risks facing
the Syndicate and has established documented strategies for their assessment, mitigation and monitoring. A Risk
and Compliance Committee, which is a sub-committee of the Board, meets regularly to assess the effectiveness of
the Risk Management Framework and level of risk against appetite.
The Managing Agent has a Chief Risk Officer, with responsibilities for owning, developing and managing the
Risk Management Framework and its supporting methodologies and tools, ensuring they remain fit-for-purpose in
response to changes within the Managing Agent, the Syndicate and the overall operating environment.
Additionally, the Chief Risk Officer is tasked with overseeing the identification, assessment and management of
new and existing risks through the use of the Risk Management Framework and ensuring the quality of the
outcome of these activities. An overarching Risk Management Policy is in place, supported by a policy that covers
the key categories of risk including the associated risk appetite, key controls and risk governance.
Underwriting Risk
• The risk that a loss may arise from fluctuations in timing, frequency and severity of insured events
relative to plan, and fluctuations in timing and amount of claims settlements.
• To manage this risk, detailed policies and procedures are in place, including underwriting authorities,
limits and guidelines, along with exposure monitoring. Extensive reinsurance is purchased to mitigate
underwriting risk and there is a robust control environment in place around the placement of
reinsurance, including a framework and monitoring.
Reserving Risk
• The risk of insufficient provision for losses that have already occurred.
• In order to manage this risk, regular claims and loss monitoring is performed, as well as annual
reviews of the Syndicate's reserves by an independent third-party. These results are reviewed,
alongside the Actuarial function assessment, at the Reserve Committee.
Credit Risk
• The risk of losses arising on outstanding contracts should a counterparty default on its obligations or
find other reasons for non-payment.
• There is a framework in place to assess and approve all reinsurers and reinsurance purchases,
including the detailed criteria for consideration. This states that a rating of a minimum of A- from AM
Best, or equivalent, is required in respect of all reinsurance security at the time any such reinsurance is
bound, unless a specific exception is granted. Credit control procedures are in place for all
counterparties, with broker credit risk reported through to the Underwriting & Claims Committee.
Provisions are made for any amounts considered uncollectible.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
7
Strategic Report of the Directors of the Managing Agent (continued)
Principal risks and uncertainties (continued)
Credit risk (continued)
• Investment credit risk is managed conservatively by defining portfolio limits for each investment
grade rating band within the investment guidelines.
Liquidity Risk
• The risk or inability to realise investments and other assets in order to settle its financial obligations
when they fall due.
• In order to manage this risk, the Board has put in place detailed investment guidelines. The guidelines
are used by the investment managers and oversight is maintained by the Board’s Investment
Committee.
• A liquidity framework has also been implemented which calculates a range of macro level liquidity
ratios and reviews them against defined limits on a quarterly basis.
Operational Risk
• The risk the Syndicate suffers a loss as a result of inadequate or failed internal processes, as a result of
people’s actions, system processes or external events.
• In order to mitigate this risk, the managing agent ensures material operational risks are identified and
controls adopted to mitigate these risks, with oversight and challenge from the Risk and Compliance
and Audit Committees.
• During the year the Syndicate has continued to invest in its Operational Resilience framework,
enhancing and testing robust processes to ensure the business can withstand unforeseen interruptions
to its operations with plans to return to servicing customers and claimants within identified impact
tolerance time frames.
Market Risk
• The risk of uncertainty of asset prices, interest rates, foreign exchange rates and other factors related to
financial markets and investment asset management.
• In order to manage this risk, the Managing Agent imposes restrictions on the external investment
manager's investment strategies. Strict limits, by trust fund, are set for types of assets held,
concentration limits and average investment grade ratings. Investments are typically investment grade
bonds and investment grade asset backed securities. Guidelines and benchmarks are set annually and
approved by the Board. Regular reporting is reviewed and monitoring undertaken by the Investment
Committee.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
8
Strategic Report of the Directors of the Managing Agent (continued)
Principal risks and uncertainties (continued)
Concentration Risk
• The risk of losses arising from the correlation and concentration of business written within a
geographical area, of a policy type or of underlying risks covered, or that may arise with respect to
investments in a geographical area, economic sector or individual investments. Concentration risk
refers to an exposure with the potential to produce losses large enough to jeopardise the Syndicate’s
solvency or ability to maintain its core operations.
• The management of this risk is addressed within each risk class, between risk classes and through
robust stress and scenario testing, including the use of specialist catastrophe models.
Strategic Risk
• The risk of incurring losses resulting from an inappropriate strategy being set or the inadequate
implementation of strategy. Strategy is a matter reserved for the Board and monitored on an ongoing
basis by both the Board and the Managing Agent’s Executive Leadership Team. Risk management is a
fundamental aspect of formulating strategy.
Reputational Risk
• The risk of losses through deterioration of the Syndicate or Managing Agent’s reputation (or the
Lloyd’s brand) due to a negative perception of any aspect of the business or business practices,
whether true or not, which could result in a decline of its customer base or costly litigation, or a
negative impact on its revenue.
• In order to manage this risk, the Managing Agent has put in place detailed policies and procedures for
the effective and efficient management of claims and complaints, and for ensuring that customers are
treated fairly and Conduct Risk requirements are followed at all times. The Hartford's Code of Ethics
is reviewed and acknowledged annually by all employees and training is also mandated periodically
on material laws and policies related to ethical behaviour. Regular dialogue is maintained with
regulatory bodies such as Lloyd’s, the Prudential Regulation Authority and the Financial Conduct
Authority.
Regulatory Risk (which is assessed for capital purposes within the Operational Risk category)
• The Managing Agent is required to comply with the requirements of the Prudential Regulation
Authority, Financial Conduct Authority, Lloyd’s and those imposed upon the Lloyd’s market by
overseas regulators where the Syndicate conducts business. Regulatory risk is the risk of loss owing to
changes in current regulatory requirements or the imposition of new requirements. Such changes could
increase capital requirements, increase operational costs, reduce the profitability of business or change
the competitive landscape.
• The Managing Agent employs a Head of Compliance, who monitors regulatory developments and
assesses the impact on the Managing Agent and Syndicate. These activities form part of an annual
plan which includes compliance reviews against established policies, processes and procedures.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
9
Strategic Report of the Directors of the Managing Agent (continued)
Principal risks and uncertainties (continued)
Third Party Risk
• Globalisation has resulted in the third party risk landscape continuing to evolve and become complex,
with vendors being located in different jurisdiction and increased data sharing with third parties partners.
• The Managing Agent has implemented or is committed to implement policies and procedures to allow us
to manage the following risks:
– Cyber security: security risk and threats across our cyber landscape
– Financial stability: how financially viable are critical suppliers
– Operational resilience: third parties ability to change or adapt during times of stress, disruption,
or uncertainty
– Technology risk: management of the oversight, integration and reliance upon new and existing
solutions and vendors
– Data protection/privacy: how and where sensitive information is stored and processed with third
parties and how this is protected.
• As part of the wider Hartford group, the Syndicate benefits from access to group-level services,
governance structures, and shared platforms. In line with Lloyd’s expectations for managing third-party
and intra-group arrangements, The Hartford is considered a strategic third-party dependency for certain
operational functions. Key areas of reliance include:
– Group-level technology infrastructure and cybersecurity frameworks, which support our
operational resilience and cyber-risk posture.
– Shared service functions, where The Hartford provides centralised oversight, tools, and expertise
that enhance control effectiveness across financial, operational, and risk-management domains.
– Enterprise risk-management and compliance frameworks, which support consistent standards,
monitoring, and governance across the group.
• While the Syndicate benefits from these capabilities, reliance on external or intra-group providers
introduces operational, technological, and continuity risks. These dependencies are subject to ongoing
monitoring and governance in accordance with the Managing Agent's third-party risk management
framework.
Climate Change
• The risk that significant changes in the climate have an adverse impact on the Syndicate and Company’s
results and ability to carry on their business activity.
• Lloyd's issued an updated ESG report in May 2024. As part of this guidance they continued to commit
the market to contribute to wider societal efforts to transition to a sustainable and low carbon future.
• The Board is committed to managing and reducing the environmental impact of the Company and
Syndicate in a cost effective and responsible way.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
10
Strategic Report of the Directors of the Managing Agent (continued)
Principal risks and uncertainties (continued)
• The Hartford has a goal of net zero greenhouse emissions in alignment with the Paris Climate Accord for
our full range of businesses and operations by 2050. Through this effort, we seek a pragmatic approach
that reflects a balanced transition to a green economy – our priorities must serve both our net zero goal
and our commitment to a just, equitable and achievable energy transition, while keeping shareholder
value creation central to our journey. Additionally the Hartford set a goal in 2023 to reduce Scope 1 and
Scope 2 emissions by 50% by the end of 2030 using 2019 as the base year.
• The HUAL Board has approved investment guidelines with the following criteria relevant to climate
change and the Lloyd's ESG report, which are all met as of 31 December 2025:
– No new investments in the construction and operation of new coal-fired plants,
– No new investments in companies that generate more than 25 percent of their revenues from
thermal coal mining or more than 25 percent of their energy production from coal,
– No new investments in companies that generate more than 25 percent of their revenues directly
from the extraction of oil from tar sands.
• This policy provides exceptions for underwriting or investments supporting:
– Renewable energy or decarbonisation projects pursued by a company exceeding the policy
threshold.
– Projects and/or activities that supports the decommissioning and/or repurposing of a thermal coal
power plant.
– Firms that made a Net Zero commitment and have a detailed plan to reduce thermal coal
activities to below the policy threshold.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
11
Strategic Report of the Directors of the Managing Agent (continued)
Geopolitical risk
• The Board continues to monitor the potential impact of rising global geopolitical tensions, with respect to
the underwriting portfolio, investment portfolio and operational impacts. Management works closely
with the Group's Insight Center to continually update our view on geopolitical risk and to inform our
responses to events as they unfold and potential scenarios which may or may not be realised.
• Management is also closely monitoring the risk of cyber-attack and has appropriately increased its
level of preparedness in concert with The Hartford Group. To date, we have not seen any increased threat
activity directed at the Company.
Inflation Risk
• Risk of increases in the cost of goods, services and settlement of claims driven by economic, excess and
social factors.
• The Managing Agent has assessed the types of inflation and the drivers of inflation to our business. This
has been achieved by modelling claims inflation scenarios and considering the potential impact across a
number of different functions and business lines, evaluated by the capital modelling team.
• Managing agents have ensured that there is cross function communication between claims, reserving,
capital and the pricing function. This validates the business appropriateness of our assumptions in
reserving and pricing.
• The Risk Management Framework is reviewed and amended on a regular basis to ensure it remains
appropriate for the company’s business and risk strategies.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
12
Report of the Directors of the Managing Agent
The Directors of the Managing Agent present their report for the year ended 31 December 2025.
This annual report is prepared using the annual basis of accounting as required by Statutory Instrument No 1950
of 2008, the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 (“the
2008 Regulations”), and applicable United Kingdom Accounting Standards, including Financial Reporting
Standard 102: The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland
(FRS102) and Financial Reporting Standard 103: Insurance Contracts (FRS103).
Directors
The Directors of the Managing Agent who served during the year ended 31 December 2025 and up to the date of
this report are as follows:
C L Bach III
C H Bassett*
A A Darfoor*
N J Farrer
D Garland*
D Hunt*
C D Sprott
M J Sullivan*
* Non-executive
Going Concern
As explained in the Strategic Report, The Syndicate is The Hartford’s main underwriting platform for
international operations outside of the USA and is expected to be an instrumental vehicle for The Hartford’s
future international growth. The Company has spent the last few years remediating its portfolio and is now
concentrating strategy on growing its core lines of business. These efforts are reflected in strong underwriting
results in 2025, supported by an excellent investment return for the year.
During the year, the Board worked with senior management of The Hartford and Lloyd’s to agree the 2026
Syndicate Business Forecast and The Hartford continues to provide capital to support the business plan. The
2026 Syndicate Business Forecast also indicates the maintaining of underwriting activities as the Syndicate
underwriting capacity has been held at £400m in line with 2025.
The Board continues to monitor the impact of the Russia/Ukraine war, net reserves including outwards
reinstatement premiums, booked in response to this event are held at $38.3m. The Company has also monitored
exposure to other recent geopolitical events (e.g. Israel/Gaza) and has not identified any material losses from
these. The Company has adequate financial resources and a robust business continuity plan in place that is
functioning well. Management continues to monitor developments from both a loss activity and economic
sanctions perspective.
Having considered the above, the principal risks and uncertainties set out in the Strategic Report, and having
made appropriate enquiries, the Directors have a reasonable expectation that the Syndicate has adequate
resources and support of its member to continue in operational existence for the foreseeable future. For these
reasons, the Directors consider it appropriate to continue to adopt the going concern basis in preparing the
financial statements.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
13
Report of the Directors of the Managing Agent (continued)
Post Balance Sheet events
We do not believe there are currently any events which have a material impact to the Syndicate that need to be
disclosed as post balance sheet events.
Strategic management
The principal activity is the transaction of general insurance and reinsurance business in the United Kingdom.
The capacity for Syndicate 1221 (“the Syndicate”) in 2026, 2025, and 2024 was £400m, £400m and £355m
respectively. The Syndicate capacity is gross premium net of commissions and is calculated using Lloyd’s
Syndicate business forecast rates of exchange. Gross written premium in the technical account is calculated at
average rates of exchange.
The Syndicate manages its business through five divisions comprising Marine & Energy, Casualty, Financial
Lines, Political Risks and Global Re.
Disclosure of information to the auditor
So far as each person who is a Director of the Managing Agent at the date of approving this report is aware,
there is no relevant audit information, being information needed by the auditor in connection with its report, of
which the auditor is unaware; and having made enquiries of fellow Directors of the agency and the Syndicate’s
auditor, each Director has taken all the steps that they are obliged to take as a Director in order to make
themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
Re-appointment of Auditor
Pursuant to Section 14(2) of Schedule 1 of the Insurance Accounts Directive (Lloyd's Syndicate and Aggregate
Accounts) Regulations 2008, the auditor will be deemed to be reappointed and Deloitte LLP will therefore
continue in office. The Managing Agent proposes the re-appointment of Deloitte LLP as the Syndicate auditor.
Directors and Officers Protection
The Hartford maintains a group wide Directors and Officers liability insurance policy that indemnifies the
Directors of the Company if a claim is made against them in their capacity as a Director of the Company.
Managing Agent’s registered office
8
th
Floor, 6 Bevis Marks,
London, EC3A 7BA
Approved and authorised for issue by the Board of Directors.
N J Farrer
Director
25 February 2026
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
14
Statement of Managing Agent’s responsibilities in respect of the Syndicate Financial Statements
The Directors of the Managing agent are responsible for:
• preparing the syndicate financial statements in accordance with applicable law and regulations;
• the preparation and review of the iXBRL tagging that has been applied to the Syndicate Accounts in
accordance with the instructions issued by Lloyd’s, including designing, implementing and
maintaining systems, processes and internal controls to result in tagging that is free from material
non-compliance with the instructions issued by Lloyd’s, whether due to fraud or error
The Insurance Accounts Directive (Lloyds’s Syndicate and Aggregate Accounts) Regulations 2008 requires the
directors of the managing agent to prepare their syndicates’ financial statements for each financial year. Under
that law they have elected to prepare the financial statements in accordance with UK Accounting Standards and
applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting
Standard applicable in the UK and Republic of Ireland.
Under Insurance Accounts Directive (Lloyds’s Syndicate and Aggregate Accounts) Regulations 2008 the
directors of the managing agent must not approve the financial statements unless they are satisfied that they give
a true and fair view of the state of affairs of the syndicate and of the profit or loss of the syndicate for that
period. In preparing these financial statements, the directors of the managing agent are required to:
• Select suitable accounting policies and then apply them consistently;
• Make judgements and estimates that are reasonable and prudent;
• State whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements;
• Assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern; and
• Use the going concern basis of accounting unless they either intend to liquidate the Company or to
cease operation, or have no realistic alternative but to do so.
The directors of the managing agent are responsible for keeping adequate accounting records that are sufficient
to show and explain the syndicate’s transactions and disclose with reasonable accuracy at any time the financial
position of the syndicate and enable them to ensure that the financial statements comply with the Insurance
Accounts Directive (Lloyds’s Syndicate and Aggregate Accounts) Regulations 2008. They are responsible for
such internal control as they determine is necessary to enable the preparation of financial statements that are free
from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps
as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other
irregularities.
The directors of the managing agent are responsible for the maintenance and integrity of the syndicate and
financial information included on the syndicate’s website. Legislation in the UK governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
Approved and authorised for issue by the Board of Directors.
N J Farrer
Director
25 February 2026
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
15
Independent auditor’s report to the members of Syndicate 1221
Report on the audit of the syndicate annual financial statements
Opinion
In our opinion the syndicate annual financial statements of Syndicate 1221 (the ‘syndicate’):
• give a true and fair view of the state of the syndicate’s affairs as at 31 December 2025 and of its profit
for the year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in
the UK and Republic of Ireland”; and
• have been prepared in accordance with the requirements of The Insurance Accounts Directive (Lloyd’s
Syndicate and Aggregate Accounts) Regulations 2008 and sections 1 and 5 of the Syndicate Accounts
Instructions Version 3.1 as modified by the Frequently Asked Questions Version 1.1 issued by Lloyd’s
(the “Lloyd’s Syndicate Accounts Instructions”).
We have audited the syndicate annual financial statements which comprise:
• the income statement: technical account;
• the income statement: non-technical account;
• the statement of comprehensive income;
• the statement of financial position;
• the statement of changes in member’s balances;
• the statement of cash flows;
• the statement of accounting policies; and
• the related notes 1 to 28.
The financial reporting framework that has been applied in their preparation is applicable law and United
Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting
Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting
Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)), applicable
law and the Syndicate Accounts Instructions. Our responsibilities under those standards are further described in
the auditor's responsibilities for the audit of the syndicate annual financial statements section of our report.
We are independent of the syndicate in accordance with the ethical requirements that are relevant to our audit of
the syndicate annual financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’)
Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the managing agent’s use of the going concern basis
of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the syndicate’s ability to continue in
operations for a period of at least twelve months from when the syndicate financial statements are authorised for
issue.
Our responsibilities and the responsibilities of the managing agent with respect to going concern are described in
the relevant sections of this report.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
16
Other information
The other information comprises the information included in the annual report, other than the syndicate annual
financial statements and our auditor’s report thereon. The managing agent is responsible for the other
information contained within the annual report. Our opinion on the syndicate annual financial statements does
not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not
express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the syndicate annual financial statements or our knowledge obtained in the course
of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements, we are required to determine whether this gives rise to a material misstatement
themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of managing agent
As explained more fully in the managing agent’s responsibilities statement, the managing agent is responsible
for the preparation of the syndicate annual financial statements and for being satisfied that they give a true and
fair view, and for such internal control as the managing agent determines is necessary to enable the preparation
of syndicate annual financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the syndicate annual financial statements, the managing agent is responsible for assessing the
syndicate’s ability to continue in operation, disclosing, as applicable, matters related to the syndicate’s ability to
continue in operation and to use the going concern basis of accounting unless the managing agent intends to
cease the syndicate’s operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the syndicate annual financial statements
Our objectives are to obtain reasonable assurance about whether the syndicate annual financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these syndicate
annual financial statements.
A further description of our responsibilities for the audit of the syndicate annual financial statements is located
on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s
report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is
detailed below.
We considered the nature of the syndicate and its control environment, and reviewed the syndicate’s
documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We
also enquired of management and internal audit about their own identification and assessment of the risks of
irregularities.
We obtained an understanding of the legal and regulatory frameworks that the syndicate operates in, and
identified the key laws and regulations that:
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
17
• had a direct effect on the determination of material amounts and disclosures in the financial statements.
These included the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts)
Regulations 2008 and the Lloyd’s Syndicate Accounting Byelaw (no. 8 of 2005), the Lloyd’s Syndicate
Accounts Instructions; and
• do not have a direct effect on the financial statements but compliance with which may be fundamental
to the syndicate’s ability to operate or to avoid a material penalty. These included the requirements of
Solvency UK.
We discussed among the audit engagement team including relevant internal specialists such as actuarial and IT
specialists regarding the opportunities and incentives that may exist within the organisation for fraud and how
and where fraud might occur in the financial statements.
As a result of performing the above, we identified the greatest potential for in the following areas, and our
procedures performed to address them are described below:
• Estimation of pipeline premiums requires significant management judgement and therefore there is
potential for management bias through manipulation of core assumptions. In response our testing
included, on a sample basis, performing a retrospective review over the historical accuracy of
management’s estimates, comparing the percentage of signed premium against the percentage of signed
premium for prior year policies at the same stage of development, and comparing the estimate against
written bordereaux or declarations.
• Valuation of technical provisions includes assumptions and methodology requiring significant
management judgement and involves complex calculations, and therefore there is potential for
management bias. In response to these risks, we engaged actuarial specialists to develop independent
estimates of the highest risk classes and a review of the methodology and assumptions for the rest of
the classes of business.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to
the risk of management override. In addressing the risk of fraud through management override of controls, we
tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in
making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any
significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
• reviewing financial statement disclosures by testing to supporting documentation to assess compliance
with provisions of relevant laws and regulations described as having a direct effect on the financial
statements;
• performing analytical procedures to identify any unusual or unexpected relationships that may indicate
risks of material misstatement due to fraud;
• enquiring of management, internal audit and in-house legal counsel concerning actual and potential
litigation and claims, and instances of non-compliance with laws and regulations; and
• reading minutes of meetings of those charged with governance, reviewing internal audit reports and
reviewing correspondence with Lloyd’s and PRA authorities.
Report on other legal and regulatory requirements
Opinions on other matters prescribed by The Insurance Accounts Directive (Lloyd’s Syndicate and
Aggregate Accounts) Regulations 2008 and the Lloyd’s Syndicate Accounts Instructions
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the strategic report and the managing agent’s report for the financial year for
which the financial statements are prepared is consistent with the financial statements; and
• the strategic report and the managing agent’s report have been prepared in accordance with applicable
legal requirements.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
18
In the light of the knowledge and understanding of the syndicate and its environment obtained in the course of
the audit, we have not identified any material misstatements in the strategic report or the managing agent’s
report.
Matters on which we are required to report by exception
Under The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 we are
required to report in respect of the following matters if, in our opinion:
• the managing agent in respect of the syndicate has not kept adequate accounting records; or
• the syndicate annual financial statements are not in agreement with the accounting records; or
• we have not received all the information and explanations we require for our audit.
We have nothing to report in respect of these matters.
Use of our report
This report is made solely to the syndicate’s members, as a body, in accordance with regulation 10 of The
Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008. Our audit work
has been undertaken so that we might state to the syndicate’s members those matters we are required to state to
them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the syndicate’s members as a body, for our audit work, for this
report, or for the opinions we have formed.
As required by the Lloyd’s Syndicate Accounts Instructions, these financial statements will form part of the
Electronic Format Annual Syndicate Accounts filed with the Council of Lloyd’s and published on the Lloyd’s
website. This auditors’ report provides no assurance over whether the Electronic Format Annual Syndicate
Accounts have been prepared in compliance with Section 2 of the Lloyd’s Syndicate Accounts Instructions. We
have been engaged to provide assurance on whether the Electronic Format Annual Syndicate Accounts has been
prepared in compliance with Section 2 of the Lloyd’s Syndicate Accounts Instructions and will report privately
to the directors of the managing agent and the Council of Lloyd’s on this.
Claire Clough FCA (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
25 February 2026
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
19
Income Statement: Technical account – General business
for the year ended 31 December 2025
| 2025 | 2024 | ||||
| Notes | £'000 | £'000 | £'000 | £'000 | |
Earned premiums, net of reinsurance | |||||
| Gross premiums written | 5 | | | ||
| Outward reinsurance premiums | ( | ( | |||
| Net premiums written | | | |||
Change in the provision for unearned premiums | |||||
| Gross amount | 18 | ( | ( | ||
| Reinsurers' share | 18 | | | ||
| Change in the net provision for unearned premiums | ( | ( | |||
| Earned premiums, net of reinsurance | | | |||
| Other technical income, net of reinsurance | | | |||
Allocated investment return transferred from the non-technical account | 9 | | | ||
Claims incurred, net of reinsurance | |||||
Claims paid | |||||
| Gross amount | 18 | ( | ( | ||
| Reinsurers' share | 18 | | | ||
| Net claims paid | ( | ( | |||
Change in the provision for claims | |||||
| Gross amount | 18 | ( | ( | ||
| Reinsurers' share | 18 | ( | | ||
| Change in the net provision for claims | ( | ( | |||
| Claims incurred, net of reinsurance | ( | ( | |||
| Net operating expenses | 6 | ( | ( | ||
| Other technical charges, net of reinsurance | | | |||
Balance on the technical account for general business | | | |||
All operations are continuing.
The accompanying notes form part of these financial statements.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
20
Income Statement: Non-technical account
for the year ended 31 December 2025
| 2025 | 2024 | ||
| Notes | £'000 | £'000 | |
| Balance on the technical account for general business | | | |
| Investment income | 9 | | |
| Realised gains on investments | 9 | | |
| Unrealised gains on investments | 9 | | |
| Investment expenses and charges | 9 | ( | ( |
| Total investment return | | | |
Allocated investment return transferred to general business technical account | ( | ( | |
| Profit/(loss) on foreign exchange | | ( | |
| Other income | | | |
| Profit for the financial year | | |
Statement of Other Comprehensive Income
for the year ended 31 December 2025
| 2025 | 2024 | |
| £'000 | £'000 | |
| Profit for the financial year | 121,861 | 73,772 |
| Currency translation (loss)/gain | ( | |
| Total comprehensive income for the year | | |
The accompanying notes form part of these financial statements.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
21
Statement of Financial Position – Assets
at 31 December 2025
| 2025 | 2024 | ||||
| Notes | £'000 | £'000 | £'000 | £'000 | |
Investments | |||||
| Financial investments | 11 | | | ||
| Deposits with ceding undertakings | | | |||
| | | ||||
Reinsurers' share of technical provisions | |||||
| Provision for unearned premiums | 18 | | | ||
| Claims outstanding | 18 | | | ||
| | | ||||
Debtors | |||||
| Debtors arising out of direct insurance operations | 12 | | | ||
| Debtors arising out of reinsurance operations | 13 | | | ||
| Other debtors | 14 | | | ||
| | | ||||
Other assets | |||||
Cash at bank and in hand | 24 | | | ||
| Other | | | |||
| | | ||||
Prepayments and accrued income | |||||
| Accrued interest and rent | | | |||
| Deferred acquisition costs | 15 | | | ||
| Other prepayments and accrued income | | | |||
| | | ||||
Total assets | |||||
The accompanying notes form part of these financial statements.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
22
Statement of Financial Position – Liabilities
at 31 December 2025
| 2025 | 2024 | ||||
| Notes | £'000 | £'000 | £'000 | £'000 | |
Capital and Reserves | |||||
| Members' balances | | ||||
| Total Capital and reserves | | | |||
Technical provisions | |||||
| Provision for unearned premiums | 18 | | |||
| Claims outstanding | 18 | | |||
| Provisions for other risks | 19 | | | ||
| Deposits received from reinsurers | | | |||
Creditors | |||||
| Creditors arising out of direct insurance operations | 21 | | | ||
| Creditors arising out of reinsurance operations | 22 | | |||
Other creditors including taxation and social security | 23 | | |||
| Amounts owed to credit institutions | | | |||
| | | ||||
| Accruals and deferred income | | | |||
Total liabilities | |||||
Total liabilities, Capital and reserves | |||||
The financial statements on pages 20 to 62 were approved by the Board of Hartford Underwriting Agency
Limited on 17 February 2026 and were signed on its behalf by
N J Farrer
Director
25 February 2026
The accompanying notes form part of these financial statements.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
23
Statement of Changes in Member's Balances
for the year ended 31 December 2025
| 2025 | 2024 | |
| £'000 | £'000 | |
| Member's balance brought forward at 1 January | | |
| Total comprehensive income for the year | | |
| Net movement on funds in syndicate | ( | ( |
| Member's balance carried forward at 31 December | | |
The accompanying notes form part of these financial statements.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
24
Statement of Cash Flows
for the year ended 31 December 2025
| 2025 | 2024 | ||
| Notes | £'000 | £'000 | |
Cash flows from operating activities | |||
| Profit for the financial year | | | |
| Increase in gross technical provisions | | | |
| (Increase) in reinsurers' share of gross technical provisions | ( | ( | |
| (Increase)/decrease in debtors | ( | | |
| Increase in creditors | | | |
| Movement in other assets/liabilities | ( | | |
| Investment return | ( | ( | |
| Foreign exchange | | | |
| Other | ( | | |
| Net cash flows from operating activities | | | |
Cash flows from investing activities | |||
| Purchase of equity and debt instruments | ( | ( | |
| Sale of equity and debt instruments | | | |
| Investment income received | | | |
| Other | | | |
| Net cash flows (used in) investing activities | ( | ( | |
Cash flows used in financing activities | |||
| Distribution profit | ( | ( | |
| Capital contributions/open year cash calls made | | ||
| Funds In Syndicate released to members | ( | ( | |
| Net cash flows (used in) financing activities | ( | ( | |
| Net (decrease)/increase in cash and cash equivalents | ( | | |
| Cash and cash equivalents at beginning of year | | | |
| Foreign exchange on cash and cash equivalents | | ( | |
| Cash and cash equivalents at end of year | | |
There are no restricted funds within cash and cash equivalents.
The accompanying notes form part of these financial statements.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
25
Notes to the Financial Statements at 31 December 2025
1. Basis of preparation
Syndicate 1221 (‘the Syndicate’) comprises one member of the Society of Lloyd’s that underwrites insurance
business in the London Market. The address of the Syndicate’s Managing Agent is 8
th
Floor, 6 Bevis Marks,
London, EC3A 7BA.
The financial statements have been prepared in accordance with the Insurance Accounts Directive (Lloyd’s
Syndicate and Aggregate Accounts) Regulations 2008 and applicable Accounting Standards in the United
Kingdom and the Republic of Ireland, including Financial Reporting Standard 102 (FRS 102). FRS 102 requires
the application of Financial Reporting Standard 103 (FRS 103) in relation to insurance contracts, and the Lloyd's
Syndicate Accounts instructions version 3.1 as modified by the Frequently Asked Questions version 1.1 issued
by Lloyd's.
This information is included in the consolidated financial statements of The Hartford Insurance Group, Inc. as at
31 December 2025, and these financial statements may be obtained from the Syndicate’s Managing Agent at the
address listed above.
The financial statements have been prepared on the historical cost basis, except for financial assets at fair value
through profit or loss that are measured at fair value.
The financial statements are presented in Pounds Sterling (“GBP”) which is the Syndicate’s presentational
currency. The Syndicate’s functional currency is United States Dollars (“USD”). All amounts have been
rounded to the nearest thousand, unless otherwise indicated.
Restatement of comparative information in respect of Lloyd's rationalisation
During 2024, Lloyd's introduced changes to the syndicate accounts process to rationalise and standardise
financial reporting across the market. As a result, certain comparative information has been restated to ensure
consistency with current year presentation and compliance with the Lloyd's Syndicate Accounts Instructions.
The changes comprise:
• Reclassification changes
Certain financial statement line items have been reclassified whilst the underlying amounts remain
unchanged. The principal change is the reclassification of overseas deposits, previously shown as a
separate balance sheet item, to form part of other assets. The comparative balances in the affected notes
4 and 11 have also been represented to align with the current period presentation.
• Aggregation changes
To align with Lloyd's reporting requirements whilst maintaining FRS 102 compliance, certain items
have been aggregated or disaggregated within the financial statements and related notes. This includes
the presentation of realised and unrealised gains and losses on investments, which are now shown on a
disaggregated basis in the Non-technical account of the Statement of profit or loss and other
comprehensive income.
The reclassification and aggregation changes have been applied retrospectively and had no impact on previously
reported profit, total comprehensive income, total assets, total liabilities, or total capital and reserves.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
26
Notes to the Financial Statements at 31 December 2025 (continued)
2. Use of judgements and estimates
In preparing these financial statements, the Directors of the Managing Agent have made judgements, estimates
and assumptions that affect the application of the Syndicate’s accounting policies and the reported amounts of
assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the
revision has occurred. The most critical accounting estimates are as follows:
Claims provisions and related recoveries
The Syndicate’s estimates for reported and unreported losses and the resulting provisions and related insurance
recoveries are continually monitored and updated based on the latest available information. Adjustments
resulting from updated reviews are reflected in the Income Statement. The process relies on the past being a
reasonable predictor of the likely level of claims development and that the rating and other models used for
current business are fair reflections of the likely level of ultimate claims to be incurred.
The estimation of gross outstanding claims is a judgemental and complex area due to the subjectivity inherent in
estimating the impact of claims events that have occurred but for which the eventual settlement of liability
remains uncertain.
The level of uncertainty varies significantly between classes written by the Syndicate but typically highest for
our long-tailed Financial Lines and Casualty classes of business. To assist with these judgements, the Syndicate
follows standard actuarial methods that are commonly used in the market to estimate our IBNR claims reserves,
including the Bornhuetter-Ferguson (BF) and Chain Ladder methods, with assumptions derived from internal
data and external market data, in particular Lloyd’s Market Association (LMA) data.
The most critical gross estimate included within the Statement of Financial Position is the estimate for losses
incurred but not yet reported (“IBNR”); both gross and reinsurer’s share. This estimate is critical as it outlines
the current liability for future expenses in relation to claims incurred and related recoveries.
The estimate for gross IBNR as at 31 December 2025 is £751.2m (2024: £728.6m) and is included within
technical provisions in the balance sheet. The estimate for the reinsurers’ share of IBNR is £199.9m (2024:
£204.8m).
Our ultimate losses arising from the Russia/Ukraine war are currently held at Gross £67.9m (31 December 2024:
£72.3m) and Net including reinstatement premiums £29.4m (31 December 2024: £26.3m) covering losses
arising from War on Land, Aviation War and Credit and Political Risk losses. As at 31 December 2025, we have
settled the majority of our gross claim exposure for all Russia/Ukraine related losses. Further to recent UK court
judgements we saw a modest deterioration in our net reserve position in respect of Aviation War losses.
The estimate for unallocated loss adjusted expenses is based on an actuarial study as at 31 December 2025 and
is £18.3m (2024: £18.9m).
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
27
Notes to the Financial Statements at 31 December 2025 (continued)
Gross written premiums
Gross written premiums are a key estimate for the Syndicate as a proportion of the premium income relates to
pipeline premiums, which represents future premium receivable on in force insurance contracts.
Pipeline premium estimates are based on underwriters’ views of the expected premiums to be generated under
the relevant contracts, taking into account the historical performance and prevailing market conditions. Premium
of £136.4m was written on this basis in 2025 (2024: £120.0m).
Climate Change
Climate change is an emerging risk, with a high degree of uncertainty. Climate Change related liabilities is not
clearly defined in the market, with scientific understanding and social attitudes continuing to develop. We
continue to closely watch risk and uncertainty related to climate change.
There is limited information to assess the extent of climate risk on current and future reserves. However, first-
order exposure is expected to primarily impact catastrophe exposed lines of business including Property Treaty,
whilst there may be secondary order exposures, such as climate change litigation (e.g. greenwashing), that may
impact other Syndicate classes.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
28
Notes to the Financial Statements at 31 December 2025 (continued)
3. Accounting policies
Premiums written
Gross written premiums comprise premiums on contracts incepted during the financial year as well as
adjustments made in the year to premiums written in prior accounting periods. Premiums are shown gross of
brokerage payable and exclude taxes and duties levied on them. Estimates are made for pipeline premiums,
representing amounts due to the Syndicate not yet notified. Premiums are earned on a straight line basis over the
life of the contract with the exception of after the event (“ATE”) contracts. ATE contracts are earned in full once
the outcome of the event is known.
Unearned premiums
Written premiums are recognised as earned according to the earnings profile of the policy. Unearned premiums
represent the proportion of premiums written in the year that relate to unexpired terms of policies in force at the
balance sheet date, calculated on the basis of established earnings patterns or time apportionment.
Reinsurance premium ceded
Outwards reinsurance premiums are accounted for in the same accounting period as the premiums for the related
direct or inwards business being reinsured.
Claims provisions and related recoveries
Gross claims incurred comprise the estimated cost of all claims occurring during the year, whether reported or
not, including related direct and indirect claims handling costs and adjustments to claims outstanding from
previous years. The provision for claims outstanding is assessed on an individual case basis and is based on the
estimated ultimate cost of all claims notified but not settled by the balance sheet date, together with the
provision for related claims handling costs. The provision also includes the estimated cost of claims that have
been incurred at the reporting date but have not yet been reported (“IBNR”) to the Syndicate at the balance sheet
date.
The amount included in respect of IBNR is based on statistical techniques of estimation applied by the
Managing Agent’s in-house actuaries and reviewed by external consulting actuaries. These techniques generally
involve standard actuarial methods (paid and incurred, chain ladder, Bornhuetter Ferguson and initial expected
loss ratios). These project from past experience the development of claims over time in view of the likely
ultimate claims to be experienced and for more recent underwriting, having regard to variations in business
accepted and the underlying terms and conditions. For the most recent years, where a high degree of volatility
arises from projections, estimates may be based in part on output from rating and other models of the business
accepted and assessments of underwriting conditions.
The provision for claims also includes amounts in respect of internal and external claims handling costs.
The reinsurers’ share of provisions for claims is based on the amounts of outstanding claims and projections for
IBNR, net of estimated irrecoverable amounts, having regard to the reinsurance programme in place for the class
of business, the claims experience for the year and the current security rating of the reinsurance companies
involved. A number of statistical methods are used to assist in making these estimates.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
29
Notes to the Financial Statements at 31 December 2025 (continued)
3. Accounting policies (continued)
Unexpired risks provision
A provision for unexpired risks is made where claims and related expenses arising after the end of the financial
period in respect of contracts concluded before that date, are expected to exceed the unearned premiums and
premiums receivable under these contracts, after the deduction of any acquisition costs deferred.
The provision for unexpired risks is calculated by reference to classes of business which are managed together,
after taking into account relevant investment return.
Acquisition costs
Acquisition costs, comprising commission and other costs related to the acquisition of new insurance contracts
are deferred to the extent that they are attributable to premiums unearned at the balance sheet date.
Foreign currencies
Income and expenditure in foreign currencies are translated at the average rates of exchange for the period.
Assets and liabilities denominated in foreign currencies are revalued at the rate of exchange at the balance sheet
date or if appropriate at the forward contract rate.
All differences arising on revaluation of foreign currency amounts into the functional currency (USD) are
included in the profit and loss account and all differences relating to the translation from functional currency to
the presentational currency (GBP) are included in the Statement of Other Comprehensive Income.
Financial Assets and Liabilities
Financial Assets and Liabilities include cash at bank and in hand, financial investments and debtors and
creditors.
Financial Investments
Investments are stated at current value at the balance sheet date. For this purpose, listed investments and
overseas deposits are stated at market value and deposits with credit institutions are stated at cost. Unlisted
investments for which a market exists are stated at the average price at which they are traded on the balance
sheet date or the last trading day before that date.
Investment return
Investment return comprises all investment income, realised investment gains and losses, and movements in
unrealised gains and losses, net of investment expenses, charges and interest.
For investments at fair value through profit or loss, realised gains and losses represent the difference between
the net proceeds on disposal and the purchase price. For investments measured at amortised cost, realised gains
and losses represent the difference between the net proceeds on disposal and the latest carrying value (or if
acquired after the last reporting date, the purchase price).
Unrealised gains and losses on investments represent the difference between the fair value at the balance sheet
date and their purchase price. Movements in unrealised investment gains and losses comprise the increase/
decrease in the reporting period in the value of the investments held at the reporting date and the reversal of
unrealised investment gains and losses recognised in earlier reporting periods in respect of investment disposals
of the current period, or the valuation at the beginning of the year; as well as the reversal of previously
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
30
Notes to the Financial Statements at 31 December 2025 (continued)
3. Accounting policies (continued)
recognised unrealised gains and losses in respect of investments disposed of in the current period. Investment
return is initially recorded in the non-technical account. The return is transferred in full to the general business
technical account to reflect the investment return on funds supporting underwriting business.
Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from
the acquisition date that are subject to an insignificant risk of changes in fair value, and are used by the
Syndicate in the management of its short-term commitments.
Cash and cash equivalents are carried at amortised cost in the statement of financial position. Bank overdrafts
that are repayable on demand and form an integral part of the Company’s cash management are included as a
component of cash and cash equivalents for the purpose of the statement of cash flows.
Debtors and creditors
Debtors and creditors are primarily non-derivative financial assets and liabilities with fixed or determinable
payments and not quoted on an active market. These include amounts due to and from agents, brokers and
insurance contract holders.
Debtors are initially recognised when due at transaction price, and where applicable are subsequently measured
at amortised cost using the effective interest rate method. The recoverability of these assets is assessed at each
balance date and appropriate provision made to ensure that the balances properly reflect the amounts that will
ultimately be received, taking into account counterparty credit risk and the contractual terms of the contract.
Where receivable is impaired, the Syndicate reduces the carrying amount of the insurance receivable
accordingly and recognises the impairment loss in the profit or loss account.
Deposits with ceding undertakings
Deposits with ceding undertakings are measured at cost less allowance for impairment.
Identification and measurement of impairment of financial assets
At each reporting date, the Company assesses whether there is objective evidence that financial assets not at fair
value through profit or loss are impaired. Financial assets are impaired when objective evidence demonstrates
that a loss event has occurred after the initial recognition of an asset, and that the loss event has an impact on the
future cash flows on the asset that can be estimated reliably.
Objective evidence that financial assets are impaired includes observable data that comes to the attention of the
Company about any significant financial difficulty of the issuer, or significant changes in the technological,
market, economic or legal environment in which the issuer operates.
An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference
between its carrying amount, and the present value of the estimated future cash flows discounted at the asset’s
original effective interest rate. Individually significant financial assets are tested for impairment on an individual
basis. The remaining financial assets are assessed collectively in groups that share similar credit risk
characteristics.
An impairment loss recognised reduces directly the carrying amount of the impaired asset. All impairment
losses are recognised in profit or loss. An impairment loss is reversed if the reversal can be related objectively to
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
31
Notes to the Financial Statements at 31 December 2025 (continued)
3. Accounting policies (continued)
an event occurring after the impairment loss was recognised. For financial assets measured at amortised cost the
reversal is recognised in profit or loss.
Taxation
Under Schedule 19 of the Finance Act 1993, Managing Agents are not required to deduct basic rate income tax
from trading income. In addition, all UK basic rate income tax deducted from Syndicate investment income is
recoverable by Managing Agents and consequently the distribution made to the member or the member’s agent
is gross of tax. Capital appreciation falls within trading income and is also distributed gross of tax.
No provision has been made for any United States Federal Income Tax payable on underwriting results or
investment earnings. Any payments on account made by the Syndicate during the year have been included in the
balance sheet under the heading “Other debtors”. No provision has been made for any other overseas tax
payable by the member on underwriting results.
Pension costs
The Company nor Syndicate do not operate any pension schemes. Hartford Management (UK) Limited
(“HMUK”) operates a defined contribution scheme. Pension contributions relating to working on Syndicate
business are charged to the Syndicate as incurred and are included within net operating expenses.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
32
Notes to the Financial Statements at 31 December 2025 (continued)
4. Risk management
The Board of Directors of the Managing Agent has the responsibility to identify, assess and manage the risks faced by
the Syndicate. The Board carries this out through documented strategies and the establishment and maintenance of the
Syndicate’s Risk Management Framework. The Risk and Compliance Committee, a sub-committee of the Board, meets
regularly to assess the effectiveness of this framework, and the Chief Risk Officer is tasked with its daily oversight.
Within the framework is a number of committees that are responsible for managing risk. These comprise the Reserve
Committee, the Underwriting and Claims Committee, and the Risk Monitoring Committee, as well as the in-house
Actuarial function.
a) Insurance risk
The Insurance Risk faced by the Syndicate is by its very nature unpredictable. The principal causes of insurance risk to
the Company are the under-pricing of premiums, under-reserving and the exposure to catastrophe claims.
Earned premium is calculated based on the inception and expiry dates, and the profile of exposure of policies written.
Net incurred claims are calculated based on reported claims in the period and the movement in earned IBNR, based on
the actuarially calculated ultimate claims reserve.
The following table shows the effect of a five percent increase or decrease in total claims liabilities on profit or loss and
equity.
| 2025 | Sensitivity | |||
| +2.5% | -2.5% | +5.0% | -5.0% | |
| £'000 | £'000 | £'000 | £'000 | |
Claims outstanding – gross of reinsurance | (23,757) | 23,757 | ( | |
Claims outstanding – net of reinsurance | (17,616) | 17,616 | ( | |
| 2024 | Sensitivity | |||
| +2.5% | -2.5% | +5.0% | -5.0% | |
| £'000 | £'000 | £'000 | £'000 | |
Claims outstanding – gross of reinsurance | (24,580) | 24,580 | ( | |
| Claims outstanding – net of reinsurance | (17,948) | 17,948 | ( | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
33
Notes to the Financial Statements at 31 December 2025 (continued)
4. Risk management (continued)
b) Financial risk
The Syndicate is exposed to a range of financial risks through its financial assets and financial liabilities. The key
financial risk is that the proceeds from financial assets will not be sufficient to fund the obligations arising from
insurance policies as they fall due.
The main components of financial risk are credit risk, liquidity risk and market risk (as detailed in the Principal risks
and uncertainties section). These risks arise from the Syndicate's investment and reinsurance assets and its insurance
liabilities.
c) Credit risk
Credit risk is managed and monitored by the Company's Risk Committee. The table below details the Syndicate's
exposure to credit risk by asset type, with reference to the credit rating of the counterparties.
| 2025 | AAA | AA | A | BBB | Other | Not rated | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Financial Investments | |||||||
Debt securities and other fixed income | | | | | | | |
Loans and deposits with credit institutions | | | | | | | |
| Syndicate loans to central fund | | | | | | | |
Deposits with ceding undertakings | | | | | | | |
| 54,908 | 332,584 | 374,252 | 122,931 | 61 | 4,817 | 889,553 | |
Reinsurers' share of outstanding claims including IBNR | | | | | | | |
Debtors arising out of reinsurance operations | | | | | | ( | |
Debtors arising out of direct insurance operations | | | | | | | |
| Cash at bank and in hand | | | | | | | |
| Other debtors and accrued interest | | | | | | | |
| Total credit risk exposure | | | | | | | |
| Other Assets | 14,546 | 2,714 | 4,290 | 2,076 | 4,742 | 36,470 | 64,838 |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
34
Notes to the Financial Statements at 31 December 2025 (continued)
4. Risk management (continued)
c) Credit risk (continued)
| 2024 | AAA | AA | A | BBB | Other | Not rated | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Financial Investments | |||||||
Debt securities and other fixed income | | | | | | | |
Loans and deposits with credit institutions | | | | | | | |
| Syndicate loans to central fund | | | | | | | |
Deposits with ceding undertakings | | | | | | | |
| 70,803 | 337,664 | 327,702 | 118,209 | 53 | 6,369 | 860,799 | |
Reinsurers' share of outstanding claims including IBNR | | | | | | | |
Debtors arising out of reinsurance operations | | | | | | ( | |
Debtors arising out of direct insurance operations | | | | | | | |
| Cash at bank and in hand | | | | | | ||
| Other debtors and accrued interest | | | | | | | |
| Total credit risk exposure | | | | | | ||
| Other Assets | 11,161 | 1,467 | 2,790 | 2,355 | 5,006 | 25,321 | 48,101 |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
35
Notes to the Financial Statements at 31 December 2025 (continued)
4. Risk management (continued)
c) Credit risk (continued)
The table below details the Syndicate's assets which are past due but not impaired.
2025 | Neither past due nor impaired | Past due but not impaired assets | Gross value of impaired assets | Impairment allowance | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
Debt securities and other fixed income securities | | | | | |
Loans and deposits with credit institutions | | | | | |
| Derivative assets | | | | | |
| Syndicate loans to central funds | | | | | |
| Other investments | | | | | |
| Deposits with ceding undertakings | | | | | |
| Reinsurers' share of claims outstanding | | | | | |
Debtors arising out of direct insurance operations | | | | | |
Debtors arising out of reinsurance operations | | | | | |
| Other debtors and accrued interest | | | | | |
| Cash at bank and in hand | | | | | |
| Total | | | | | |
| Other Assets | 64,838 | — | — | — | 64,838 |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
36
Notes to the Financial Statements at 31 December 2025 (continued)
2024
Neither
past due
nor
impaired
Past due but
not impaired
assets
Gross value
of impaired
assets
Impairment
allowance Total
£'000 £'000 £'000 £'000 £'000
Debt securities and other fixed income
securities 855,330 — — — 855,330
Loans and deposits with credit
institutions 23 — — — 23
Derivative assets — — — — —
Syndicate loans to central funds 3,563 — — — 3,563
Other investments — — — — —
Deposits with ceding undertakings 1,883 — — — 1,883
Reinsurers' share of claims outstanding 265,312 — — — 265,312
Debtors arising out of direct insurance
operations 91,022 34,181 — — 125,203
Debtors arising out of reinsurance
operations 34,047 — 34,047
Other debtors and accrued interest 4,458 — — — 4,458
Cash at bank and in hand 30,484 — — — 30,484
Total 1,286,122 34,181 — — 1,320,303
Other Assets 48,101 — — — 48,101
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
37
Notes to the Financial Statements at 31 December 2025 (continued)
Past due but not impaired | |||||
2025 | Up to three months | Three to six months | Six months to one year | Greater than one year | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
Debtors arising out of direct insurance operations | | | | | |
| Total | | | | | |
Past due but not impaired | |||||
2024 | Up to three months | Three to six months | Six months to one year | Greater than one year | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
Debtors arising out of direct insurance operations | | | | | |
| Total | | | | | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
38
Notes to the Financial Statements at 31 December 2025 (continued)
The table below sets out a reconciliation of changes in impairment allowance during the period for each class of
financial asset at the balance sheet date:
| 2025 | 1 Jan | New impairment charges added in year | Changes in impairment charges | Released to income statement | Foreign exchange | Others | 31 Dec |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Financial investments | | | | | | | |
Deposits with ceding undertakings | | | | | | | |
Reinsurers' share of claims outstanding | | | | | | | |
Debtors arising out of direct insurance operations | | | | | | | |
Debtors arising out of reinsurance operations | | | | | | | |
Other debtors and accrued interest | | | | | | | |
| Cash at bank and in hand | | | | | | | |
| Total | | | | | | | |
| 2024 | 1 Jan | New impairment charges added in year | Changes in impairment charges | Released to income statement | Foreign exchange | Others | 31 Dec |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Financial investments | | | | | | | |
Deposits with ceding undertakings | | | | | | | |
Reinsurers' share of claims outstanding | | | | | | | |
Debtors arising out of direct insurance operations | | | | | | | |
Debtors arising out of reinsurance operations | | | | | | | |
Other debtors and accrued interest | | | | | | | |
| Cash at bank and in hand | | | | | | | |
| Total | | | | | | | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
39
Notes to the Financial Statements at 31 December 2025 (continued)
4. Risk management (continued)
d) Liquidity risk
The table below analyses the Syndicate’s monetary assets and liabilities into their relevant maturity groups based on the
period remaining at the year end to their contractual maturities or expected settlement dates. Net liabilities in up to one
year can be covered by selling investments before their maturity date.
Undiscounted net cash flows | ||||||
2025 | No maturity stated | Up to 1 Year | 1-3 Years | 3-5 Years | Over 5 years | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Claims outstanding | | | | | | |
| Creditors | | | | | | |
| Other credit balances | | | | | | |
| Total | | | | | | |
Undiscounted net cash flows | ||||||
2024 | No maturity stated | Up to 1 Year | 1-3 Years | 3-5 Years | Over 5 years | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Claims outstanding | | | | | | |
| Creditors | | | | | | |
| Other credit balances | | | | | | |
| Total | | | | | | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
40
Notes to the Financial Statements at 31 December 2025 (continued)
4. Risk management (continued)
e) Market risk
Foreign currency market risk
It is the Company’s policy to monitor assets and liabilities in the currencies it is exposed to on a monthly basis in order
to minimise foreign currency risk.
The table below details the Syndicate’s assets and liabilities, translated into Sterling at 31 December 2025:
| 2025 | GBP | USD | EUR | CAD | AUD | JPY | OTH | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Investments | | | | | | | | |
Reinsurers' share of technical provisions | | | | | | | | |
| Debtors | | | | | | | ( | |
| Other assets | | | | | | | | |
Prepayments and accrued income | | | | | | | | |
| Total assets | | | | | | | | |
| Technical provisions | ( | ( | | ( | | | | ( |
| Provisions for other risks | | | | | | | | |
| Creditors | ( | ( | | ( | ( | | ( | ( |
| Accruals and deferred income | ( | ( | | ( | | | | ( |
| Total liabilities | ( | ( | | ( | ( | | ( | ( |
| Total Capital and reserves | | ( | ( | ( | ( | | ( | ( |
| 2024 | GBP | USD | EUR | CAD | AUD | JPY | OTH | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Investments | | | | | | | | |
Reinsurers' share of technical provisions | | | | | | | | |
| Debtors | | | | | | | | |
| Other assets | | | | | | | | |
Prepayments and accrued income | | | ( | | ( | | | |
| Total assets | | | | | | | | |
| Technical provisions | ( | ( | | ( | | | | ( |
| Provisions for other risks | | | | | | | | |
| Creditors | ( | ( | | ( | ( | | ( | ( |
| Accruals and deferred income | ( | ( | | ( | | | | ( |
| Total liabilities | ( | ( | | ( | ( | | ( | ( |
| Total Capital and reserves | | ( | ( | ( | ( | | ( | ( |
The tables above present the insurance and reinsurance assets and liabilities of the Syndicate by settlement currency.
Approximately 25% of the net technical provisions include claims denominated in Euro, Australian dollar and other
non-settlement currencies.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
41
Notes to the Financial Statements at 31 December 2025 (continued)
4. Risk management (continued)
e) Market risk (continued)
Sensitivity analysis to market risks for financial instruments
An analysis of the Syndicate’s sensitivity to interest rate, currency and other price risk is shown below. The table shows
the effect on profit or loss of reasonably possible changes in the relevant risk variable, assuming that all other variables
remain constant, if that change had occurred at the end of the reporting period and had been applied to the risk
exposures at that date.
| 2025 | 2024 | |
Profit or loss for the year | Profit or loss for the year | |
| £'000 | £'000 | |
Interest rate risk | ||
| +50 basis points shift in yield curves | ( | ( |
| -50 basis points shift in yield curves | | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
42
Notes to the Financial Statements at 31 December 2025 (continued)
4. Risk management (continued)
f) Capital Management
Framework at Lloyd’s
The Society of Lloyd’s (“Lloyd’s”) is a regulated undertaking and subject to supervision by the Prudential Regulatory
Authority (“PRA”) under the Financial Services and Markets Act 2000, and in accordance with the Solvency II
Framework.
Within this supervisory framework, Lloyd’s applies capital requirements at member level and centrally to ensure that
Lloyd’s as a regulated entity complies with Solvency II requirements, and beyond that to meet its own financial
strength, licence and ratings objectives.
Although, as described below, Lloyd’s sets capital at a syndicate level, Solvency II and Lloyd’s capital requirements
only apply at an overall and individual member level and not at the syndicate level. Accordingly, the capital
requirement in respect of Syndicate 1221 is not disclosed in these financial statements.
Lloyd’s capital setting process
In order to meet Lloyd’s requirements, each syndicate is required to calculate its Solvency Capital Requirement
(“SCR”) for the prospective underwriting year. This amount must be sufficient to cover a 1 in 200 year loss, reflecting
uncertainty in the ultimate run-off of underwriting liabilities (SCR ‘to ultimate’). The Syndicate must also calculate its
SCR at the same confidence level but reflecting uncertainty over a one year time horizon (one year SCR) for Lloyd’s to
use in meeting Solvency II requirements. The SCR's of each syndicate are subject to review by Lloyd’s and approval by
the Lloyd’s Capital and Planning Group. A syndicate may be comprised of one or more underwriting members of
Lloyd’s. Each member is liable for its own share of underwriting liabilities for the syndicates on which it participates,
but no other member’s shares.
Accordingly, the capital requirements that Lloyd’s sets for each member operates on a similar basis. Each member’s
SCR is determined by the sum of the member’s share of the Syndicate SCR ‘to ultimate’. Where a member participates
on more than one Syndicate, a credit for diversification is provided to reflect the spread of risk, but consistent with
determining an SCR which reflects the capital requirement to cover a 1 in 200 loss ‘to ultimate’ for that member. Over
and above this, Lloyd’s applies a capital uplift to the member’s capital requirement, known as the Economic Capital
Assessment (“ECA”). The purpose of this uplift, which is a Lloyd’s, not a Solvency II requirement, is to meet Lloyd’s
financial strength, licence and ratings objectives. The capital uplift applied for 2026 was 35% of the member’s SCR ‘to
ultimate’.
Provision of capital by members
Each member may provide capital to meet its ECA either by assets held in trust by Lloyd’s specifically for that member
(Funds at Lloyd’s), assets held and managed within a Syndicate (Funds in Syndicate), or as the member’s share of the
member’s balances on each Syndicate on which it participates.
Accordingly all of the assets less liabilities of the Syndicate, as represented in the member’s balance reported on the
Statement of financial position on page 22, represents resources available to meet the members and Lloyd’s capital
requirements.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
43
Notes to the Financial Statements at 31 December 2025 (continued)
5. Analysis of underwriting result
An analysis of the underwriting result before investment return is set out below:
2025 | Gross written premiums | Gross premiums earned | Gross claims incurred | Gross operating expenses | Ceded balance | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Direct insurance: | — | |||||
Marine, aviation, and transport | | | ( | ( | ( | |
Fire and other damage to property | | | | ( | ( | |
| Third party liability | | | ( | ( | ( | |
| Credit and suretyship | | | ( | ( | ( | |
| Miscellaneous | ( | ( | ( | | ( | ( |
| Total Direct Insurance | | | ( | ( | ( | |
| Reinsurance accepted | | | ( | ( | ( | |
| Total | | | ( | ( | ( | |
Additional Analysis | ||||||
Fire and other damage to property which is: | ||||||
| Specialities | | | | ( | ( | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
44
Notes to the Financial Statements at 31 December 2025 (continued)
5. Analysis of underwriting result (continued)
2024 | Gross written premiums | Gross premiums earned | Gross claims incurred | Gross operating expenses | Ceded balance | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Direct insurance: | — | |||||
Marine, aviation, and transport | | | ( | ( | | |
Fire and other damage to property | | | ( | ( | ( | |
| Third party liability | | | ( | ( | ( | |
| Credit and suretyship | | | ( | ( | ( | |
| Miscellaneous | | | ( | | | |
| Total Direct Insurance | | | ( | ( | ( | |
| Reinsurance accepted | | | ( | ( | ( | |
| Total | | | ( | ( | ( | |
Additional Analysis | ||||||
Fire and other damage to property which is: | ||||||
| Specialities | | | | ( | ( | |
The gross premiums written for direct insurance by destination of risk is presented in the table below:
| 2025 | 2024 | |
| £'000 | £'000 | |
| United Kingdom | | |
| European Union Member States | | |
| US | | |
| Rest of World | | |
| Total Gross Premiums Written | | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
45
Notes to the Financial Statements at 31 December 2025 (continued)
6. Net operating expenses
Net operating expenses include:
| 2025 | 2024 | |
| £'000 | £'000 | |
| Acquisition costs | | |
| Change in deferred acquisition costs | ( | ( |
| Administrative expenses | | |
| Members' standard personal expenses | | |
Reinsurance commissions and profit participations | ( | ( |
| | |
Total commissions for direct insurance business for the year amounted to:
| 2025 | 2024 | |
| £'000 | £'000 | |
Total commission for direct insurance business | | |
Administrative expenses include:
| 2025 | 2024 | |
| £'000 | £'000 | |
Auditor's remuneration | ||
Fees payable to the auditor for the audit of these financial statements | | |
Fees payable to the auditor and its associates in respect of: other services pursuant to legislation | | |
| Impairment losses on debtors: | | |
| Impairment losses on financial instruments: | — | — |
| 598 | 515 |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
46
Notes to the Financial Statements at 31 December 2025 (continued)
7. Key management personnel compensation
The Directors of Hartford Underwriting Agency Limited received the following aggregate remuneration charged
to the Syndicate and are included within net operating expenses:
| 2025 | 2024 | |
| £'000 | £'000 | |
| Emoluments | | |
| 1,911 | 1,889 |
The active underwriter received the following remuneration charged as a Syndicate expense:
| 2025 | 2024 | |
| £'000 | £'000 | |
| Emoluments | | |
| 614 | 587 |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
47
Notes to the Financial Statements at 31 December 2025 (continued)
8. Staff numbers and costs
The Company does not directly employ any staff. All employees engaged on Company business are employed
by Hartford Management (UK) Limited (“HMUK”), which charges the Company and other Hartford group
companies with a single management fee for their respective share of group expenses. This fee is included
within net operating expenses. The average number of persons employed by HMUK, but working for the
Syndicate during the year, analysed by category, was as follows:
| 2025 | 2024 | |
| Administration and finance | | |
| Underwriting | | |
| Claims | | |
| Investments | | |
| Total | | |
| 2025 | 2024 | |
| £'000 | £'000 | |
| Wages and salaries | | |
| Social security costs | | |
| Other pension costs | | |
| Other short/long term incentive costs | | |
| | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
48
Notes to the Financial Statements at 31 December 2025 (continued)
9. Investment return
| 2025 | 2024 | |
| £'000 | £'000 | |
Interest and similar income | ||
From financial instruments designated at fair value through profit or loss | ||
| Interest and similar income | | |
Other income from investments | ||
From financial instruments designated at fair value through profit or loss | ||
| Gains on the realisation of investments | | |
| Losses on the realisation of investments | ( | ( |
| Unrealised gains on investments | | |
| Unrealised losses on investments | ( | ( |
| Investment expenses and charges | ( | ( |
| Total investment return | | |
| Transferred to the technical account from the non technical account | | |
| Investment return on Funds in Syndicate | | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
49
Notes to the Financial Statements at 31 December 2025 (continued)
10. Distribution and open years of account
| 2025 | 2024 | |
| £'000 | £'000 | |
| 2021 | | |
| 2020 | | |
| 2019 | | |
| 2018 | | |
| 2017 | | |
| 2016 | | |
| 2015 | | |
| 2014 | | |
| 2013 | — | — |
| 2012 | — | — |
11. Financial investments
| Market value | Cost | |||
| 2025 | 2024 | 2025 | 2024 | |
| £'000 | £'000 | £'000 | £'000 | |
Shares and other variable yield securities and units in unit trusts | | | | |
| Debt securities and other fixed income securities | | | | |
Participation in investment pools | ||||
| Loans secured by mortgages | | | | |
| Loans and deposits with credit institutions | | | | |
Derivative assets | ||||
| Syndicate loan to central fund | | | | |
| Other investments | | | | |
| | | | ||
| 2025 | 2024 | |
| £'000 | £'000 | |
| Financial assets measured at fair value through profit or loss | | |
| Total financial investments | | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
50
Notes to the Financial Statements at 31 December 2025 (continued)
11. Financial investments (continued)
As the Syndicate is fully aligned, the Syndicate holds the capital supporting their underwriting in their
Syndicate’s premium trust funds. These funds are known as funds in syndicate (FIS). At 31 December 2025, the
following amount was held as funds in syndicate:
| 2025 | 2024 | |
| £'000 | £'000 | |
| Funds in Syndicate (FIS) | | |
| Total funds in syndicate | | |
Financial instruments that are held at fair value through profit or loss are classified using a fair value hierarchy
that reflects the significance of the inputs used in these measurements.
Level 1- The unadjusted quoted price in an active market for identical assets or liabilities that the
entity can access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable (i.e. developed
using market data) for the asset or liability either directly or indirectly.
Level 3 – Inputs are unobservable (i.e. for which market data is unavailable) for the asset or
liability.
| 2025 | Level 1 | Level 2 | Level 3 | Assets held at amortised cost | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
Shares and other variable yield securities and units in unit trusts | | | | | |
Debt securities and other fixed income securities | | | | | |
| Participation in investment pools | | | | | |
| Loans secured by mortgages | | | | | |
Loans and deposits with credit institutions | | | | | |
| Derivative assets | | | | | |
| Syndicate loan to central fund | | | | | |
| Other investments | | | | | |
| Total financial investments | | | | | |
| Derivative liabilities | | | | | |
| Total | | | | | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
51
Notes to the Financial Statements at 31 December 2025 (continued)
| 2024 | Level 1 | Level 2 | Level 3 | Assets held at amortised cost | Total |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
Shares and other variable yield securities and units in unit trusts | | | | | |
Debt securities and other fixed income securities | | | | | |
| Participation in investment pools | | | | | |
| Loans secured by mortgages | | | | | |
Loans and deposits with credit institutions | | | | | |
| Derivative assets | | | | | |
| Syndicate loan to central fund | | | | | |
| Other investments | | | | | |
| Total financial investments | | | | | |
| Derivative liabilities | | ||||
| Total | | | | | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
52
Notes to the Financial Statements at 31 December 2025 (continued)
12. Debtors arising out of direct insurance operations
Of the debtors arising out of direct insurance and reinsurance operations, the whole amount is due from
intermediaries.
| 2025 | 2024 | |
| £'000 | £'000 | |
| Due within one year | | |
| Total | | |
13. Debtors arising out of reinsurance operations
Of the debtors arising out of direct insurance and reinsurance operations, the whole amount is due from
intermediaries.
| 2025 | 2024 | |
| £'000 | £'000 | |
| Due within one year | | |
| Due after one year | | |
| Total | | |
14. Other Debtors
| 2025 | 2024 | |
| £'000 | £'000 | |
| Other related party balances (non syndicates) | | |
| Other | | |
| Total | | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
53
Notes to the Financial Statements at 31 December 2025 (continued)
15. Deferred acquisition costs
| 2025 | 2024 | |||||
| Gross | Reinsurance | Net | Gross | Reinsurance | Net | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Balance at 1 January | | ( | | | ( | |
Incurred deferred acquisition costs | | ( | | | ( | |
Amortised deferred acquisition costs | ( | | ( | ( | | ( |
Foreign exchange movement | ( | | ( | | | |
| Other | | | | | | |
| Balance at 31 December | | ( | | | ( | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
54
Notes to the Financial Statements at 31 December 2025 (continued)
16. Tangible fixed assets
| 2025 | 2024 | |||||||
Fixtures and Fittings | Computer equiment | Other | Total | Fixtures and Fittings | Computer equiment | Other | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Cost or valuation | ||||||||
| At 1 January | | | | | | | | |
| Additions | | | | | | | | |
| Disposals | | | | | | | | |
| Impairment losses | | | | | | | | |
| Foreign exchange | | | | | | | | |
| Other movements | | | | | | | | |
Balance at 31 December | | | | | | | | |
Depreciation | ||||||||
| At 1 January | | | | | | | | |
| Additions | | | | | | | | |
| Disposals | | | | | | | | |
| Impairment losses | | | | | | | | |
| Foreign exchange | | | | | | | | |
| Other movements | | | | | | | | |
Balance at 31 December | | | | | | | | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
55
Notes to the Financial Statements at 31 December 2025 (continued)
17. Claims development
Gross:
| Pure Underwriting Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total |
| Estimate of gross claims | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| at end of underwriting year | | | | | | | | | | | |
| one year later | | | | | | | | | |||
| two years later | | | | | | | | | |||
| three years later | | | | | | | | | |||
| four years later | | | | | | | | | |||
| five years later | | | | | | | | | |||
| six years later | | | | | | | | | |||
| seven years later | | | | | | | | | | ||
| eight years later | | | | | | | | | | | |
| nine years later | | | | | | | | | | | |
Estimate of gross claims reserves | | | | | | | | | | | |
Provision in respect of prior years | | ||||||||||
| Less gross claims paid | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( |
| Gross claims reserves | | | | | | | | | | |
Net:
| Pure Underwriting Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total |
| Estimate of net claims | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | £'000 |
| at end of underwriting year | | | | | | | | | | | |
| one year later | | | | | | | | | | | |
| two years later | | | | | | | | | | | |
| three years later | | | | | | | | | | | |
| four years later | | | | | | | | | | | |
| five years later | | | | | | | | | | | |
| six years later | | | | | | | | | | | |
| seven years later | | | | | | | | | | | |
| eight years later | | | | | | | | | | | |
| nine years later | | | | | | | | | | | |
Estimate of net claims reserves | | | | | | | | | | | |
Provision in respect of prior years | | ||||||||||
| Less net Claims paid | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( | ( |
| Net claims reserve | | | | | | | | | | | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
56
Notes to the Financial Statements at 31 December 2025 (continued)
18. Technical provisions
The table below shows changes in the insurance contract liabilities and assets from the beginning of the period to
the end of the period.
| 2025 | 2024 | |||||
Gross Provisions | Reinsurance Assets | Net | Gross Provisions | Reinsurance Assets | Net | |
| £'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
| Balance at 1 January | | ( | | | ( | |
Claims paid during the year | ( | | ( | ( | | ( |
Expected cost of current year claims | | ( | | | ( | |
Change in estimates of prior year provisions | | ( | | | ( | |
Discount unwind | | | | | | |
Effect of movements in exchange rate | ( | | ( | | ( | |
Other | | | | | | |
Balance at 31 December | | ( | | | ( | |
Unearned premiums | ||||||
Balance at 1 January | | ( | | | ( | |
Premiums written during the year | | ( | | | ( | |
Premiums earned during the year | ( | | ( | ( | | ( |
Effect of movements in exchange rate | ( | | ( | | ( | |
Other | | | | | | |
Balance at 31 December | | ( | | | ( | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
57
Notes to the Financial Statements at 31 December 2025 (continued)
19. Provisions for other risks
| 2025 | 2024 | |
| £'000 | £'000 | |
| Balance at 1 January | | |
| Additions during the year | | |
| Unwind of discount | | |
| Amounts utilised | | |
Unused amounts reversed to the profit and loss account | | |
Effect of movements in exchange rate | | |
| Other | | |
| Balance at 31 December | | |
20. Discounted claims
Undiscounted
claims
Effect of
discounting After discounting
2025
£'000
2024
£'000
2025
£'000
2024
£'000
2025
£'000
2024
£'000
Class of business — — — — — —
Accident and health — — — — — —
Marine, aviation and transport — — — — — —
Motor (third party liability) — — — — — —
Motor (other classes) — — — — — —
Fire and other damages to property — — — — — —
Third party liability — — — — — —
Credit and suretyship — — — — — —
Legal expenses — — — — — —
Assistance — — — — — —
Miscellaneous — — — — — —
— — — — — —
Undiscounted
claims
Effect of
discounting After discounting
2025
£'000
2024
£'000
2025
£'000
2024
£'000
2025
£'000
2024
£'000
Gross claims provisions — — — — — —
Reinsurers share of total claims — — — — — —
Net Claims Provisions — — — — — —
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
58
Notes to the Financial Statements at 31 December 2025 (continued)
21. Creditors arising out of direct insurance operations
| 2025 | 2024 | |
| £'000 | £'000 | |
| Due within one year | | |
| | |
22. Creditors arising out of reinsurance operations
| 2025 | 2024 | |
| £'000 | £'000 | |
| Due within one year | | |
| | |
23. Other creditors
| 2025 | 2024 | |
| £'000 | £'000 | |
| Other related party balances (non-syndicates) | | |
| Other liabilities | | |
| | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
59
Notes to the Financial Statements at 31 December 2025 (continued)
24. Cash and cash equivalents
| 2025 | 2024 | |
| £'000 | £'000 | |
| Cash at bank and in hand | | |
| Total cash and cash equivalents | | |
25. Analysis of net debt
At 1 January 2025 | Cash flows | Acquired | Fair value and exchange movements | At 31 December 2025 | |
| Cash and cash equivalents | | ( | | | |
| Total | | ( | | | |
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
60
Notes to the Financial Statements at 31 December 2025 (continued)
26. Related parties
The ultimate parent company and controlling member is The Hartford Insurance Group, Inc., which is
incorporated in the USA.
The immediate parent company of Hartford Underwriting Agency Limited is Navigators Holdings (UK)
Limited.
A number of third party reinsurance contracts that cover both the Syndicate and related group companies were
purchased in the year by the Navigators Insurance Company and The Hartford Fire Insurance Company. The
Syndicate is allocated its proportionate share of cost of these contracts which is agreed by local management.
The Syndicate paid Managing Agency fees to Hartford Underwriting Agency Limited ("HUAL") during the
year. Total fees incurred, in respect of services provided, amounted to £8.0m (2024 £7.1m). At the year end, the
amount owing to HUAL was nil (2024: £0.9m).
The Syndicate was recharged expenses of £40.1m (2024: £34.7m) from Hartford Management UK Limited
("HMUK") during the year. At the year end, the amount owed to HMUK was £5.4m (2024: £7.3m).
Hartford Asia Limited (“HAL”) charged a fee of £1.2m (2024: £1.2m) to the Syndicate during the year. The fee
is based on expenses incurred by HAL plus a mark-up of 10% in respect of underwriting services provided by
HAL. At the year end, the amount owing to HAL was £1.6m (2024: £1.3m).
Hartford Singapore Pte Ltd (HSL) charged a fee of £1.1m (2024: nil) to the Syndicate during the year. The fee is
based on expenses incurred by HSL plus a mark-up of 10% in respect of underwriting services provided by
HSL. At the year end, the amount owing to HSL was £0.7m (2024: £nil).
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
61
Notes to the Financial Statements at 31 December 2025 (continued)
27. Foreign exchange rates
| 2025 | 2024 | |||||
| Opening rate | Year-end rate | Average rate | Opening rate | Year-end rate | Average rate | |
| Sterling | ||||||
| Euro | ||||||
| US dollar | ||||||
| Canadian dollar | ||||||
| Australian dollar | ||||||
| Japanese Yen | ||||||
| Singapore Dollar | |
28. Funds at Lloyd's
Every member is required to hold capital at Lloyd’s which is held in trust and known as Funds at Lloyd’s
(“FAL”). These funds are intended primarily to cover circumstances where Syndicate assets prove insufficient
to meet participating member’s underwriting liabilities.
The level of FAL that Lloyd’s requires a member to maintain is determined by Lloyd’s based on PRA
requirements and resource criteria. FAL considers a number of factors including the nature and amount of risk to
be underwritten by the member and the assessment of the reserving risk in respect of business that has been
underwritten. Since FAL is not under the management of the Managing Agent, no amount has been shown in
these financial statements by way of such capital resources. However, the Managing Agent is able to make a call
on the member’s FAL to meet liquidity requirements or to settle losses.
HARTFORD
UNDERWRITING AGENCY LIMITED
S Y N D I C A T E 1221
at LLOYD'S
62
