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SYNDICATE 3622
ANNUAL REPORT AND ACCOUNTS
YEAR ENDED
CONTENTS
STRATEGIC REPORT OF THE MANAGING AGENT…………………………………………………………… 4
MANAGING AGENT’S REPORT………………………………………………………………………………………… 6
STATEMENT OF MANAGING AGENT’S RESPONSIBILITIES……………………………………………… 11
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SYNDICATE 3622 ……………… 12
STATEMENT OF COMPREHENSIVE INCOME …………………………………………………………………… 15
BALANCE SHEET ……………………………………………………………………………………………………………… 16
STATEMENT OF CHANGES IN MEMBERS' BALANCES ……………………………………………………… 17
CASH FLOW STATEMENT ………………………………………………………………………………………………… 18
NOTES TO THE FINANCIAL STATEMENTS ………………………………………………………………………… 19
MANAGING AGENT'S CORPORATE INFORMATION …………………………………………………………… 42
SYNDICATE 3622
31 DECEMBER 2024
3
STRATEGIC REPORT OF THE MANAGING AGENT
Overview
Syndicate 3622 (the ‘syndicate’) underwrites life insurance and reinsurance at Lloyd’s.
The capacities of the syndicates managed by Beazley Furlonge Limited ('BFL') are as follows:
Syndicate Number Capacities
2024 £m
2023 £m
623 887.2 818.6
2623 2,299.6 3,794.5
3622 37.0 33.8
3623 1,325.6 —
4321 — 33.1
5623 396.6 339.8
6107 57.8 43.3
Total 5,003.8 5,063.1
The result for Syndicate 3622 for the year ended 31 December 2024 is a profit of £7,558k (2023:
£1,124k).
Year of account results
The 2022 year of account ('YOA') declares a return on capacity of 2%. The 2023 YOA is currently
forecasting to break even. The 2024 YOA is still in the early stages of development.
Rating environment
Overall rates on renewal business increased by 0.5% in 2024 (2023: 1%).
Combined ratio
The combined ratio is a measure of operating performance and represents the ratio of the syndicate's total
costs (excluding foreign exchange) to total net earned premium. The syndicate’s combined ratio has
decreased in 2024 to 71% (2023: 98%) primarily driven by an decrease in the claims ratio arising from
reserve releases on older years of account.
Claims
The claims ratio is a measure of the syndicate's claims experience and represents the ratio of its net
insurance claims to net earned premium. The claims ratio has decreased to 18% (2023: 49%). This is
mostly driven by a claims release on older years of account relative to prior year and favourable claims
experience in the current year.
Net operating expenses
Net operating expenses, including business acquisition costs and administrative expenses, were £13,613k
(2023: £11,163k). The expense ratio is a measure of net operating expenses to net earned premium. The
expense ratio for 2024 is 53% (2023: 49%).
2024 2023
£'000 £'000
Brokerage costs
5,237 4,613
Other acquisition costs
826 758
Total acquisition costs
6,063 5,371
Administration and other expenses
7,550 5,792
Net operating expenses*
13,613 11,163
* A further breakdown of net operating expenses can be found in note 4.
Brokerage costs as a percentage of net earned premiums are approximately 21% (2023: 20%). Brokerage
costs are deferred and expensed over the life of the associated premiums in accordance with accounting
guidelines. Other acquisition costs comprise costs that have been identified as being directly related to
underwriting activity (e.g. underwriters’ salaries and Lloyd’s box rental). These costs are also deferred in
line with premium earning patterns. Administrative expenses comprise primarily IT costs, facilities costs,
Lloyd’s central costs and other support costs.
SYNDICATE 3622
31 DECEMBER 2024
4
STRATEGIC REPORT OF THE MANAGING AGENT CONTINUED
Administrative and other expenses increased over the year due to increased operational expenses
associated with the growth of the syndicate and enhancement of the underlying business model.
Reinsurance
In 2024, the amount spent on outward reinsurance was £6,464k (2023: £6,580k). As a percentage of
gross premiums written it decreased to 21% in 2024 (2023: 22%). The slight decrease can be attributed
to small movements in quota share cover year on year. There were gross premium decreases on years of
account that had less reinsurance cover than comparative movements last year.
Outlook
The 2023 YOA is currently forecasting a breakeven return on capacity. The 2024 YOA is still in the early
stages of development.
The rating environment was challenging over the past year. The managing agent will continue to seek out
additional opportunities for this syndicate, taking heed to the rating environment and general condition of
the life market as 2025 develops.
…………………………
C C J Wong
Chief Financial Officer
5 March 2025
SYNDICATE 3622
31 DECEMBER 2024
5
MANAGING AGENT’S REPORT
The managing agent presents its report for the year ended 31 December 2024.
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 and applicable United Kingdom Accounting Standards, including Financial Reporting
Standard 102: The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland
and Financial Reporting Standard 103: Insurance Contracts in accordance with the provisions of Schedule
3 of the Large and Medium-size Companies and Groups (Accounts and Reports) Regulations relating to
insurance companies.
Principal activity
The principal activity of Syndicate 3622 is the underwriting of life business at Lloyd’s.
Business review
A review of the syndicate’s activities and future outlook is included in the strategic report.
Risk governance and reporting
BFL’s Board of Directors (the 'Board') has the responsibility for defining and monitoring the risk appetite
within which BFL and the syndicates operate (collectively, ‘Beazley’), with key individuals and committees
accountable for day-to-day management of risks and controls. Regular reporting by the risk management
team in board meetings and senior management committees ensures that risks are monitored and
managed as they arise. Beazley is actively "future proofing" its structure across its three platforms. One of
these platforms is its London Wholesale platform which the managing agent governs. This platform focus
will allow strengthening of the managing agent’s leadership and further enhance platform-specific and
entity governance, while continuing to bolster its risk management structure. The managing agent
continues to evolve its structure to deliver on this governance framework.
Climate change/Responsible business
Led by Beazley plc's Board and supported by the Boards of BFL, Beazley Insurance dac, and Beazley
Insurance Company Inc, Environmental, Social and Governance issues and climate related risks have
become regular agenda items throughout 2024. In March 2021 we launched our first Responsible Business
Strategy. This document, and the subsequent update which is published alongside the Beazley plc annual
report and accounts ('ARA'), sets out the goals and targets across a wider range of sustainability issues,
including climate change.
In addition to the summary Responsible Business report, Beazley plc has disclosed its compliance with the
Task Force on Climate-Related Disclosures' ('TCFD') Recommendations and Recommended Disclosures at
the consolidated group level in the Beazley plc annual report and accounts. The 2024 Beazley plc ARA was
published on the Group's website in March 2025.
Although not specifically listed in the risk categorises detailed further in this report, the Board of BFL
deems climate risk to be inherently embedded within all risks managed across the syndicate.
Risk management
Beazley prides itself on understanding the drivers of risk across the syndicate. The risk management
function supports and challenges management in effectively managing those risks. During the year,
Beazley continued to enhance, roll out, and embed elements of the risk management framework. Beazley
has continued working with our colleagues across the first and second lines of defence to support the
syndicate strategy, including challenging the oversight of climate-related risks (covering physical,
transition and litigation) and journey in digitisation. The details of the performance of the risk management
framework are considered further in this report.
Risk management oversight and framework
The Board delegates direct oversight of the risk management function and framework to its Risk
Committee. The Board delegates executive oversight of the risk management function and framework to
the Beazley plc executive Committee, which fulfils this responsibility primarily through its risk and
regulatory Committee.
The risk management framework establishes the approach to identifying, measuring, mitigating,
monitoring, and reporting on principal risks. The risk management framework supports Beazley's strategy
and objectives.
SYNDICATE 3622
31 DECEMBER 2024
6
MANAGING AGENT’S REPORT CONTINUED
Beazley has adopted a ‘three lines of defence’ model, in which the risk management function is part of the
second line of defence. Ongoing communication and collaboration across the three lines of defence ensures
that Beazley identifies and manages risks effectively.
The Board approves the company’s risk appetite statements at least annually and receives updates on
monitoring against risk appetites throughout the year. This includes an assessment of principal risks.
A suite of reports from the risk management function support senior management and the Board in
discharging their oversight and decision-making responsibilities throughout the year. The risk management
function's reports include updates on risk appetite, risk profiles, stress and scenario testing (including
reverse stress testing) and analysis, emerging and heightened risks, and the Own Risk and Solvency
Assessment (ORSA) report for BFL.
The business operates a control environment which supports mitigating risks to stay within risk appetite.
The risk management function reviews and challenges the control environment through various risk
management activities (e.g. risk opinions, risk reviews etc). In addition, the risk management function
works with the capital modelling and exposure management teams, particularly in relation to validation of
the internal model, preparing parts of the ORSA, monitoring risk appetite and the business planning
process.
The risk management plan considers, among other inputs, the inherent and residual risk scores for the
risks in the risk registers. The risk management function also incorporates results from internal audits and
other assurance activities into its risk assessment process. The internal audit function considers the risk
management framework in its audit universe to derive a risk-based audit plan.
The approach to identifying, managing and mitigating emerging risks includes inputs from across the
business, analysis of lessons learned following incidents and industry thought leadership. The approach
considers the potential materiality and likelihood of impacts, which helps prioritise emerging risks which
the company monitors or undertakes focused work on. Key emerging risks in 2024 included geopolitical
and conflict escalation, artificial intelligence, systemic cyber attack, political and social unrest, supply chain
risk and climate change. The Board carries out a robust assessment of the emerging risks at least
annually.
Principal risks
Principal risks are under continuous review with ongoing risk assessments. Whilst our risk profile has
remained broadly stable in 2024, we continue to focus on operational and regulatory risks, to ensure that
our control environment keeps pace with business change and growth initiatives. The table below
summarises the principal risks the company faces, and the control environment, governance and oversight
that mitigate these risks. Our approach to managing the risks arising from climate change are set out
within the TCFD section of Beazley plc’s annual Report.
Legend for principal risks table below
Risk outlook
Increasing Stable Decreasing
SYNDICATE 3622
31 DECEMBER 2024
7
MANAGING AGENT’S REPORT CONTINUED
Insurance
Risk of loss arising from uncertainties and
deviations of the occurrence, frequency, amount
and timing of insurance premium and claim
liabilities relative to the assumptions at the time of
underwriting. This includes risk from underwriting
such as market cycle, catastrophe, reinsurance and
reserves.
• Market cycle: potential systematic
mispricing of medium- or long-tailed
business that does not support revenue to
invest and cover future claims;
• Catastrophe: one or more large events
caused by nature (e.g. hurricane,
windstorm, earthquake and/or wildfire) or
mankind (e.g. coordinated cyber-attack,
global pandemic, losses linked to an
economic crisis, an act of terrorism or an
act of war and/or a political event)
impacting a number of policies, and
therefore giving rise to multiple losses;
• Reinsurance arrangements: reinsurance
may not be available or purchases do not
support the business underwritten (e.g.
mismatch); and
• Reserving: reserves may not be
sufficiently established to reflect the
ultimate paid losses.
Insurance risk is principally managed through pricing
tools, analysis of macro trends and claim frequency/
severity and ensures exposure is well diversified and
not overly concentrated in any one area, or line of
business.
Our strategic approach to exposure management and a
comprehensive internal and external reinsurance
programme helps to reduce volatility of profits in
addition to managing net exposure through the transfer
of risk.
Our prudent and comprehensive approach to reserving
ensures adequate provisions are made for the payment
of all valid claims. High calibre claims and underwriting
professionals deliver expert service and claims handling
to insureds, ensuring good customer outcomes.
Beazley carries out periodic analysis to identify
significant areas of concentration risk across its
business.
Beazley makes extensive use of modelling, including
catastrophe modelling, the use of our Solvency II model
and stress and scenario testing to ensure insurance risk
is within our risk appetite.
Insurance risk outlook continues to be stable as BFL
manages the market cycle across all the lines of
business.
Credit
The risk of loss resulting from default in obligations
due or changes in the credit standing of either
issuers of securities, counterparties or any debtors
which the company is exposed to. Exposure to
credit risk largely emanates from the use of
reinsurers, brokers, and coverholders, of which
reinsurance asset is the largest exposure for the
Syndicate.
Beazley maintains long-term partnerships with strategic
reinsurance partners to support it throughout the
insurance cycle and during potential catastrophic claim
events. Beazley uses a range of traditional and
alternative reinsurance mechanisms to diversify
reinsurance credit risk. All reinsurers must meet
stringent internal approval criteria, overseen by the
Reinsurance Security Committee. Credit risk from
brokers and coverholders remains low.
The credit risk outlook therefore remains stable, as
Beazley manages reinsurance, broker and coverholder
credit risks, maintaining low levels of aged and/or bad
debt.
Group
The contagion risk that an action or inaction of one
part of the Beazley Group adversely affect an area
of the Syndicate. This also includes a deterioration
in culture which leads to inappropriate behaviour,
actions and/or decisions including dilution of culture
or negative impact on the brand.
Risk culture is grounded in principles of transparency,
accountability, and awareness. An effective risk culture
reflects a mature risk management function,
encourages prudent risk-taking, and fosters awareness
of existing and emerging risks. The Executive
Committee and the Board oversee Group risk, with
regular monitoring conducted by the Risk Management
function and overseen by the Risk Committee.
Our Group risk outlook remains stable, with the
Executive Committee continuously managing and
improving our risk culture through ongoing monitoring
and enhancements.
Principal risks and summary descriptions Mitigation and monitoring
Liquidity
Assets are not available or adequate in order to
settle financial obligations when they fall due.
By actively managing its liquidity needs, Beazley
maximizes flexibility in handling its financial assets. This
proactive approach ensures that clients and creditors
are financially protected. Beazley regularly evaluates
the liquidity position of the syndicate, under the
oversight of the Risk Committee.
Our liquidity risk outlook remains stable as we
consistently maintain more than adequate levels of
liquidity.
SYNDICATE 3622
31 DECEMBER 2024
8
MANAGING AGENT’S REPORT CONTINUED
Principal risks and summary descriptions Mitigation and monitoring
Regulatory and legal
Non-compliance with regulatory and legal
requirements, failing to operate in line with the
relevant regulatory framework in the territories
where the Syndicate operates. This may lead to
financial loss (fines, penalties), sanctions,
reputational damage, loss of confidence from
regulators, regulatory intervention, inability to
underwrite or pay claims.
Beazley maintains active ongoing dialogue with its
principal regulators. A suite of compliance controls are
in place to support the nature, scale and complexity of
the business which are overseen by the Risk and
Regulatory Committee. The company wants to have a
trusting and transparent relationship with regulators,
ensuring coordinated communication and the following
of robust processes, policies and procedures in the
business. In addition, key staff, particularly those who
hold defined roles with regulatory requirements, are
experienced and maintain regular dialogue with
regulators.
Beazley is implementing a horizon scanning service to
support in-house activity to identify relevant regulatory
and legal matters and emerging policy so the business
can consider their potential impacts on the business.
Considering the needs of our clients in everything our
business does is of utmost importance to Beazley. We
deliver good customer outcomes to our clients
throughout the product lifecycle. The Conduct Review
Group oversees this risk.
The company has a very low appetite for regulatory and
legal risk, therefore maintaining strong and open
relationships with our regulators is of paramount
importance. The outlook for this is increasing as
throughout 2024 and into 2025, we have seen
increased engagement with our regulators as the
regulatory environment becomes more complex and
Beazley grows.
Operational
Failures of people, processes and systems or the
impact of an external event on operations (e.g., a
cyber-attack having a detrimental impact on
operations) including transformation and change
related risks.
Beazley attracts and nurtures talented colleagues who
champion diversity of thought, fostering a culture of
empowerment, collaboration, and innovation. This
commitment creates an environment of employee
wellbeing, where high-calibre, motivated, loyal, and
productive individuals are empowered to perform their
duties competently.
Beazley continues investing in technology and re-
engineering processes to support our operations,
overseen by the Operations Committee. Our business
continuity, disaster recovery, and incident response
plans ensure the stability of our processes and systems,
enabling our team to consistently deliver optimal
outcomes for our clients.
We expect technology and cyber resilience to continue
being key focus areas. We are dedicated to
collaborating with external agencies, and maintaining
robust controls over information security, data, and
operational resilience. We regularly review incident
response plans and continue to invest in cybersecurity
training for our employees.
While maintaining a low appetite for operational risk,
we observed an increased frequency of reported risk
incidents during 2024, coinciding with an increasingly
complex operating environment. The risk management
function continues to work with first line teams to
ensure that controls and processes in place remain
appropriate as the operating landscape evolves.
Our risks and controls are formally monitored and
reported through a risk and control self-assessment
process and the use of quantifiable Key Risk Indicators.
The outlook for this risk is increased as we continue to
strengthen operationally and realise the benefits of
ongoing initiatives to modernise our systems and
processes.
SYNDICATE 3622
31 DECEMBER 2024
9
MANAGING AGENT’S REPORT CONTINUED
Principal risks and summary descriptions Mitigation and monitoring
Strategic
The risk of loss resulting from ineffective strategic
direction and implementation that leads to
inadequate profitability, insufficient capital,
financial loss and/or reputational damage for BFL.
Pervasive risks impacting multiple areas of Beazley
(e.g., reputation, and sustainability) occurring
through real or perceived action, or inaction, by a
regulatory body, market and/or third-party
provider.
A negative change to Beazley’s reputation would
have a detrimental impact to the syndicates
performance and public perception.
Beazley consistently addresses key strategic
opportunities and challenges, striving to be the highest
performing and most sustainable specialist insurer. We
ensure that we recognize, understand, discuss, and
develop action plans for significant strategic priorities in
a timely manner, while maintaining operational
effectiveness and brand reputation.
Beazley creates an environment that attracts, retains
and develops high performing talent with diverse
perspectives, encouraging exploration, creation, and
innovation. By investing in understanding the
complexities of the risks our clients face and deploying
our expertise where it adds value, we thrive. The
Executive Committee and the Board oversee these
risks.
Our commitment is to create a sustainable business for
our people, partners, and planet through responsible
business goals. We embed sustainability principles and
ambitions, focusing on reducing our carbon footprint
(refer to the Group's TCFD report for more details on
climate-related risks and mitigations), contributing to
our social environment, and practicing good
governance. While we consider market developments,
we evaluate each on its individual merits, weighing both
potential opportunities and risks.
As we consolidate and embed our achievements from
2024, our strategic risk outlook remains stable.
Directors
A list of Directors of the managing agent who held office during the year and to the date of this report can
be found on page 42.
Syndicate annual general meeting
In accordance with the Syndicate Meetings (Amendment No. 1) Byelaw (No. 18 of 2000) the managing
agent does not propose to hold a syndicate annual meeting this year. Members may object to this proposal
within 21 days of this notice. Any objections must be made in writing to the managing agent.
Disclosure of information to the auditor
The Directors of the managing agent who held office at the date of approval of this Managing Agent’s
Report confirm that, so far as they are each aware, there is no relevant audit information of which the
syndicate’s auditor is unaware; and each director has taken all the steps that they ought to have taken as
a director to make themselves aware of any relevant audit information and to establish that the
syndicate’s auditor is aware of that information.
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 Ernst & Young
LLP will therefore continue in office.
On behalf of the board
…………………………
C C J Wong
Chief Financial Officer
05 March 2025
SYNDICATE 3622
31 DECEMBER 2024
10
STATEMENT OF MANAGING AGENT’S RESPONSIBILITIES
The Directors of the managing agent are responsible for preparing the syndicate financial statements in
accordance with applicable law and regulations.
The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 requires
the Directors of the managing agent to prepare their syndicate annual accounts for each financial year.
Under that law they have elected to prepare the annual accounts 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 (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 the
Directors of the managing agent must not approve the annual accounts 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 annual accounts;
• assess the syndicate’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 cease trading, 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 (Lloyd’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.
The Directors of the managing agent are required to comply with the requirements of Section 1 of the
Lloyd’s Syndicate Accounts Instructions version 2.1 as modified by the Frequently Asked Questions version
1.1 issued by Lloyd’s (the Syndicate Accounts Instructions).
The Directors of the managing agent are responsible for 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.
On behalf of the board
…………………………
C C J Wong
Chief Financial Officer
5 March 2025
SYNDICATE 3622
31 DECEMBER 2024
11
Opinion
We have audited the syndicate annual accounts of syndicate 3622 (‘the syndicate’) for the year ended 31
December 2024 which comprise the Statement of Comprehensive Income, the Statement of changes in
Members’ Balances, the Balance Sheet, the Cash Flow statement and the related notes 1 to 21, including a
summary of significant accounting policies. The financial reporting framework that has been applied in
their preparation is applicable law including The Insurance Accounts Directive (Lloyd’s Syndicate and
Aggregate Accounts) Regulations 2008, United Kingdom Accounting Standards including FRS 102 “The
Financial Reporting Standard applicable in the UK and Republic of Ireland” and FRS 103 “Insurance
Contracts” (United Kingdom Generally Accepted Accounting Practice), and Section 1 of the Lloyd’s
Syndicate Accounts Instructions version 2.1 as modified by the Frequently Asked Questions Version v1.1
issued by Lloyd’s (the Syndicate Accounts Instructions).
In our opinion, the syndicate annual accounts:
• give a true and fair view of the syndicate’s affairs as at 31 December 2024 and of its profit for the
year then ended;
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice; and
• have been prepared in accordance with the requirements of The Insurance Accounts Directive
(Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and the Syndicate Accounts
Instructions.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)), The
Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008, the Syndicate
Accounts Instructions, and other applicable law. Our responsibilities under those standards are further
described in the Auditor’s responsibilities for the audit of the syndicate annual accounts 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 accounts in the UK, including the FRC’s Ethical Standard as applied to
other entities of public interest, 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 syndicate annual accounts, we have concluded that the managing agent’s use of the going
concern basis of accounting in the preparation of the syndicate annual accounts 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 as a going concern for a period of 12 months from when the syndicate annual accounts 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. However, because not all future events or conditions can
be predicted, this statement is not a guarantee as to the syndicate’s ability to continue as a going concern.
Other information
The other information comprises the information included in the annual report and accounts other than the
syndicate annual accounts and our auditor’s report thereon. The Directors of the managing agent are
responsible for the other information contained within the annual report and accounts.
Our opinion on the syndicate annual accounts does not cover the other information and, except to the
extent otherwise explicitly stated in this 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 accounts 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 in the syndicate annual accounts themselves. If, based on the work we have performed, we
conclude that there is a material misstatement of the other information, we are required to report that
fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by The Insurance Accounts Directive (Lloyd’s Syndicate
and Aggregate Accounts) Regulations 2008
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the managing agent’s report for the financial year in which the syndicate
annual accounts are prepared is consistent with the syndicate annual accounts; and
• the managing agent’s report has been prepared in accordance with applicable legal requirements.
SYNDICATE 3622
31 DECEMBER 2024
INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF SYNDICATE 3622
12
Matters on which we are required to report by exception
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 material misstatements in the managing agent’s report.
We have nothing to report in respect of the following matters where The Insurance Accounts Directive
(Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 requires us to report to you, if in our
opinion:
• the managing agent in respect of the syndicate has not kept adequate accounting records; or 3.15
• the syndicate annual accounts are not in agreement with the accounting records; or
• certain disclosures of the managing agents’ emoluments specified by law are not made; or
• we have not received all the information and explanations we require for our audit.
Responsibilities of the managing agent
As explained more fully in the Statement of Managing Agent’s Responsibilities set out on page 11 the
managing agent is responsible for the preparation of the syndicate annual accounts 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 the syndicate annual accounts that are free from material
misstatement, whether due to fraud or error.
In preparing the syndicate annual accounts, the managing agent is responsible for assessing the
syndicate’s ability to continue in operation, disclosing, as applicable, matters related to its ability to
continue in operation and using the going concern basis of accounting unless the managing agent either
intends to cease to operate the syndicate, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the syndicate annual accounts
Our objectives are to obtain reasonable assurance about whether the syndicate annual accounts 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 accounts.
Explanation as to what extent 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 irregularities, including fraud. The risk
of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting
from error, as fraud may involve deliberate concealment by, for example, forgery or intentional
misrepresentations, or through collusion.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed
below. However, the primary responsibility for the prevention and detection of fraud rests with both those
charged with governance of the managing agent and management.
Our approach was as follows:
• We obtained a general understanding of the legal and regulatory frameworks that are applicable to
the syndicate and determined that the most significant are direct laws and regulations related to
elements of Lloyd’s Byelaws and Regulations, and the financial reporting framework (UK GAAP),
and requirements referred to by Lloyd’s in the Syndicate Accounts instructions. Our considerations
of other laws and regulations that may have a material effect on the syndicate annual accounts
included permissions and supervisory requirements of Lloyd’s of London, the Prudential Regulation
Authority (‘PRA’) and the Financial Conduct Authority (‘FCA’).
• We obtained a general understanding of how the syndicate is complying with those frameworks by
making enquiries of management, internal audit, and those responsible for legal and compliance
matters of the syndicate. In assessing the effectiveness of the control environment, we also
reviewed significant correspondence between the syndicate, Lloyd’s of London and other UK
regulatory bodies; reviewed minutes of the Board and Risk Committee of the managing agent; and
gained an understanding of the managing agent’s approach to governance.
• For direct laws and regulations, we considered the extent of compliance with those laws and
regulations as part of our procedures on the related syndicate annual accounts’ items.
• For both direct and other laws and regulations, our procedures involved: making enquiries of the
Directors of the managing agent and senior management for their awareness of any non-
compliance of laws or regulations, enquiring about the policies that have been established to
prevent non-compliance with laws and regulations by officers and employees, enquiring about the
managing agent’s methods of enforcing and monitoring compliance with such policies, and
inspecting significant correspondence with Lloyd’s, the FCA and the PRA.
• The syndicate operates in the insurance industry which is a highly regulated environment. As such
the Senior Statutory Auditor considered the experience and expertise of the engagement team to
ensure that the team had the appropriate competence and capabilities, which included the use of
specialists where appropriate.
SYNDICATE 3622
31 DECEMBER 2024
INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF SYNDICATE 3622
13
• We assessed the susceptibility of the syndicate’s annual accounts to material misstatement,
including how fraud might occur by considering the controls that the managing agent has
established to address risks identified by the managing agent, or that otherwise seek to prevent,
deter or detect fraud. We also considered areas of significant judgement, complex transactions,
performance targets, economic or external pressures and the impact these have on the control
environment. Where this risk was considered to be higher, we performed audit procedures to
address each identified fraud risk, including:
• Reviewing accounting estimates for evidence of management bias. Supported by our
Actuaries, we assessed if there were any indicators of management bias in the valuation of
insurance liabilities and the recognition of estimated premium income.
• Evaluating the business rationale for significant and/or unusual transactions.
• These procedures included testing manual journals and were designed to provide reasonable
assurance that the syndicate annual accounts were free from fraud or error.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description
forms part of our auditor’s report.
Other matter
Our opinion on the syndicate annual accounts does not cover the iXBRL tagging included within these
syndicate annual accounts, and we do not express any form of assurance conclusion thereon.
Use of our report
This report is made solely to the syndicate’s members, as a body, in accordance with 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 and the syndicate’s members as a
body, for our audit work, for this report, or for the opinions we have formed.
Niamh Byrne (Senior statutory auditor)
for and on behalf of Ernst & Young LLP, Statutory Auditor
London
5 March 2025
SYNDICATE 3622
31 DECEMBER 2024
INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF SYNDICATE 3622
14
2024 2023
Notes £'000 £'000
Gross premiums written 3 31,379 29,858
Outward reinsurance premiums (6,464 ) (6,580 )
Premiums written, net of reinsurance
Changes in unearned premium
Change in the gross provision for unearned premiums
15
Change in the provision for unearned premiums,
reinsurers’ share
15 (137 ) (320 )
Net change in the provision for unearned
premiums
Earned premiums, net of reinsurance 25,459 22,917
Allocated investment return transferred from the
non-technical account
7 242 351
Claims paid
Gross amount
15
(12,931 ) (15,025 )
Reinsurers’ share
15
Net claims paid (8,107 ) (9,582 )
Long term business provision, net of reinsurance
Gross amount 15 5,070 (3,285 )
Reinsurers' share
15
(1,443 ) 1,705
Net change in long term business provisions 3,627 (1,580 )
Claims incurred, net of reinsurance (4,480 ) (11,162 )
Net operating expenses 4
(13,613 ) (11,163 )
Balance on the technical account - general
business
Investment income 7 386 343
Investment expenses and charges
7 (168 ) —
Realised losses on investments
Unrealised gains on investments 7
Total investment income
Allocated investment return transferred to
general business technical account
(242 ) (351 )
(Loss)/gain on foreign exchange (137 ) 168
Other income 87 13
Total comprehensive income for the financial year
There were no other comprehensive gains or losses in the year.
The notes on pages 19 to 41 form part of these financial statements.
SYNDICATE 3622
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
15
2024
2023
Assets Notes £'000 £'000
Investments
Financial investments 9 3,434 3,714
Reinsurers’ share of technical provisions
Provision for unearned premiums 15 2,338 2,478
Claims outstanding 15 2,114 3,568
Debtors
Debtors arising out of direct insurance operations
10
Debtors arising out of reinsurance operations
11
Other debtors 12 24 17
Other assets
Cash at bank and in hand 8,864 13,774
Prepayments and accrued income
Deferred acquisition costs 13 2,422 2,342
Other prepayments and accrued income 52 207
Total assets 39,487 45,995
Capital and reserves
Members' balances 4,274 1,296
Liabilities
Technical provisions
Provision for unearned premiums 15 12,862 13,575
Claims outstanding 15 14,620 19,768
Creditors
Creditors arising out of direct insurance operations — —
Creditors arising out of reinsurance operations 16 3,896 6,714
Other creditors 17 3,092 4,000
Accruals and deferred income 743 642
Total liabilities 35,213 44,699
Total liabilities, capital and reserves 39,487 45,995
The notes on 19 to 41 form part of these financial statements.
The syndicate annual accounts on pages 15 to 41 were approved signed by the board of Beazley Furlonge
Limited on 5 March 2025 and were signed on its behalf by
………………………… ……………………
P J Bantick (Director) C C J Wong (Chief Financial Officer)
SYNDICATE 3622
BALANCE SHEET
AS AT 31 DECEMBER 2024
16
2024
2023
£'000 £'000
Members’ balances brought forward at 1 January
Total comprehensive income for the financial year 7,558 1,124
Payments of profit to members' personal reserve funds (4,580 ) (1,394 )
Member’s balance carried forward at 31 December 4,274 1,296
Members participate in syndicates by reference to YOA and their ultimate result, assets and liabilities are
assessed with reference to policies incepting in that YOA in respect of their membership of a particular
year.
The notes on pages 19 to 41 form part of these financial statements.
SYNDICATE 3622
STATEMENT OF CHANGES IN MEMBERS’ BALANCES
31 DECEMBER 2024
17
2024 2023
*restated
Notes £'000 £'000
Cash flows from operating activities
Total comprehensive income
Adjustments for:
(Decrease)/increase in gross technical provisions
15
(5,861 ) 3,154
Decrease/(increase) in reinsurers' share of gross technical
provisions
15
(Increase)/decrease in debtors
(351 ) 4,952
Movement in other assets/liabilities
Decrease in creditors
(3,726 ) (3,599 )
Investment return
7
(242 ) (351 )
Foreign exchange
Net cash flow from operating activities
(725 ) 4,042
Cash flows from investing activities
Purchase of equity and debt securities
Sale of equity and debt securities
Investment income received
Other
Net cash flow from investing activities
Cash flows from financing activities
Distribution of profit
(4,580 ) (1,394 )
Net cash flow from financing activities
(4,580 ) (1,394 )
Net (decrease)/increase in cash and cash equivalents
(4,783 ) 3,055
Cash and cash equivalents at the beginning of the year
Foreign exchange on cash and cash equivalents
(127 ) (77 )
Cash and cash equivalents at the end of the year
*Certain balances have been restated due to a voluntary change in accounting policy. Refer to note 20.
The notes on pages 19 to 41 form part of these financial statements.
SYNDICATE 3622
CASH FLOW STATEMENT
YEAR ENDED 31 DECEMBER 2024
18
1. Accounting policies
Basis of preparation
Syndicate 3622 (the ‘syndicate’) comprises a member of the Society of Lloyd’s that underwrites insurance
business in the London Market. The managing agent of the syndicate is Beazley Furlonge Limited ('BFL'),
whose registered address and principal place of business is 22 Bishopsgate, London, EC2N 4BQ. The
ultimate controlling party of BFL is Beazley plc, a company incorporated in England and Wales.
The syndicate annual accounts have been prepared in accordance with the Insurance Accounts Directive
(Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008, applicable Accounting Standards in the
United Kingdom and the Republic of Ireland, including Financial Reporting Standard 102 ('FRS 102'),
Financial Reporting Standard 103 ('FRS 103') in relation to insurance contracts, and the Lloyd’s Syndicate
Accounts Instructions version 2.1 as modified by the Frequently Asked Questions version 1.1 issued by
Lloyd’s.
The financial statements have been prepared on the historic cost basis, except for financial assets at fair
value through profit or loss which are measured at fair value. The principal accounting policies applied in
the preparation of these financial statements are set out below. The policies have been consistently applied
to all periods presented, unless otherwise stated. All amounts presented are stated in sterling, being the
syndicate’s functional currency, and in thousands, unless noted otherwise.
Going Concern
The financial statements of the syndicate have been prepared on a going concern basis. The syndicate's
business activities, together with the factors likely to affect its future development, performance and
position, are set out in the Strategic report contained in the annual report. In addition, note 2 includes the
syndicate's risk management objectives and the entity’s objectives, policies and processes for managing its
capital. The syndicate has sufficient capital for each year of account in it's Funds at Lloyd's (FAL). There is
no intention to cease underwriting or cease the operations of the syndicate.
In assessing the syndicate's going concern position as at 31 December 2024, the managing agent has
considered a number of factors, including the current statement of financial position and the syndicate's
strategic and financial plan. The assessment concluded that, for the foreseeable future, the syndicate has
sufficient capital and liquidity for the 12 months from the date the financial statements are authorised for
issue.
Use of estimates and judgements
The preparation of financial statements requires the use of certain estimates and judgements that affect
the reported amounts of assets, liabilities, income and expenses. Actual results may differ from those on
which management’s estimates are based. Estimates and assumptions are continually evaluated and are
based on historical experience and other factors. For example, estimates which are sensitive to economic,
regulatory and geopolitical conditions could be impacted by significant changes in the external
environment such as the volatile macroeconomic environment, climate change, international conflicts, and
significant changes in legislation. Any revisions to accounting estimates are recognised in the period in
which the estimate is revised and in any future periods affected.
Specific to climate change, since responses to it are still developing, it is not possible to consider all
possible future outcomes when determining asset and liability valuations, and timing of future cash flows,
as these are not yet known. Nevertheless, the current management view is that reasonably possible
changes arising from climate risks would not have a material impact on asset and liability valuations at the
year-end date.
(a) Valuation of insurance contract liabilities
The most critical estimate included within the syndicate’s balance sheet is the estimate for insurance losses
incurred but not reported (‘IBNR’), which is included within total technical provisions and reinsurers’ share
of technical provisions in the balance sheet and note 15. This estimate is critical as it outlines the current
liability for future expenses expected to be incurred in relation to claims. If this estimation was to prove
inadequate then an exposure would arise in future years where a liability has not been provided for.
The best estimate of the most likely ultimate outcome is used when calculating notified claims. This
estimate is based upon the facts available at the time, in conjunction with the claims manager’s view of
likely future developments. The total estimate of gross IBNR as at 31 December 2024 included within
claims outstanding is £12,598k (2023: £17,787k).
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2024
19
19
1. Accounting policies continued
(b) Premium estimates
Premium written is initially based on the estimated premium income (‘EPI’) of each contract. Where
premium is sourced through binders, the binder EPI is pro-rated across the binder period. Judgement is
involved in determining the ultimate estimates in order to establish the appropriate premium value and,
ultimately, the cash to be received. EPI estimates are updated to reflect changes in an underwriters
expectation through consultation with brokers and third-party coverholders, changes in market conditions,
historic experience and to reflect actual cash received for a contract.
Due to the nature of Lloyd’s business and the settlement patterns of the underlying business it is also not
uncommon for some contracts to take a number of years to finalise and settle, and a receivable on the
balance sheet remains. The amount of estimated future premium that remains in insurance receivables
relating to years of account that are more than three years developed at 31 December 2024 is £1,431k
(2023: £1,896k).
Significant accounting policies
The financial statements have been prepared on an annual basis of accounting, whereby the incurred cost
of claims, commissions and related expenses are charged against the earned proportion of premiums, net
of reinsurance as follows:
(a) Premiums written
Gross premiums written comprise premiums on contracts incepted during the financial year together
with adjustments to premiums written in previous accounting periods and estimates for premiums
from contracts entered into during the course of the year. Gross written premiums are stated before
the deduction of brokerage, taxes, duties levied on premiums and other deductions.
(b) Unearned premiums
A provision for unearned premiums represents that part of the gross premiums written that is
estimated will be earned in the following or subsequent financial periods. It is calculated using the
daily pro rata method, under which the premium is apportioned over the period of risk.
(c) Claims provisions and related reinsurance recoveries
Claims represent the cost of claims and claims handling expenses paid during the financial year,
together with the movement in provisions for outstanding claims, IBNR and future claims handling
provisions. The provision for claims outstanding comprises amounts set aside for claims advised and
IBNR.
The IBNR amount is based on estimates calculated using widely accepted actuarial techniques (e.g.
chain ladder) which are reviewed quarterly by the group actuary and annually by the independent
syndicate reporting actuary. The techniques generally use projections, based on past experience of
the development of claims over time, to form a view on the likely ultimate claims to be experienced.
For more recent underwriting, regard is given to the variations in the business portfolio accepted and
the underlying terms and conditions. Thus, the critical assumptions used when estimating claims
provisions are that the past experience is a reasonable predictor of likely future claims development
and that the rating and other models used to analyse current business are a fair reflection of the likely
level of ultimate claims to be incurred.
A provision is made at the year-end for the estimated cost of claims incurred but not settled at the
balance sheet date, including the cost of claims incurred but not yet reported to the managing agent.
The managing agent takes all reasonable steps to ensure that it has appropriate information regarding
its claims exposures. However, given the uncertainty in establishing claims provisions, it is likely that
the final outcome will prove to be different from the original liability established.
(d) Liability adequacy testing
At each reporting date, liability adequacy tests are performed to ensure the adequacy of the claims
liabilities net of deferred acquisition costs and unearned premium reserves. In performing these tests,
current best estimates of future contractual cash flows, claims handling and administration expenses
as well as investment income from the assets backing such liabilities are used.
Any deficiency is charged to the statement of comprehensive income and an unexpired risk provision
for losses is set up as a liability.
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
20
1. Accounting policies continued
(e) Acquisition costs
Acquisition costs comprise brokerage, premium levies, and staff related costs of the underwriters
acquiring the business. The proportion of acquisition costs in respect of unearned premiums is
deferred at the balance sheet date and recognised in later periods when the related premiums are
earned.
(f) Foreign currencies
Foreign currency transactions are translated into the functional currency using average exchange
rates applicable to the period in which the transactions take place and where the syndicate considers
these to be a reasonable approximation of the transaction rate. Foreign exchange gains and losses
resulting from the settlement of such transactions and from translation at the period end of monetary
assets and liabilities denominated in foreign currencies are recognised in the statement of
comprehensive income.
(g) 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.
Realised gains and losses on investments carried at market value are calculated as the difference
between sale proceeds and the original cost of the investment. Movements in unrealised gains and
losses on investments represent the difference between the valuation at the balance sheet date, and
the valuation at the previous period end or purchase value during the period.
Investment return is initially recorded in the non-technical account. A transfer is made from the non-
technical account to the general business technical account to reflect the investment return on funds
supporting underwriting business.
(h) Ceded reinsurance
These are contracts entered into by the syndicate with reinsurers under which the syndicate is
compensated for losses on contracts issued by the syndicate and that meet the definition of an
insurance contract. Insurance contracts entered into by the syndicate under which the contract holder
is another insurer (inwards reinsurance) are included with insurance contracts.
Any benefits to which the syndicate is entitled under its reinsurance contracts held are recognised as
reinsurance assets. These consist of balances due from reinsurers relating to claims and also includes
the provision for unearned premiums, reinsurers’ share. Balances due relating to the reinsurers share
of claims are based on calculated amounts of outstanding claims recoveries 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 period and the current security rating of the reinsurer
involved. Reinsurance liabilities are primarily premiums payable for reinsurance contracts and are
recognised as an expense when due.
Reinsurance assets are assessed for impairment at each reporting date. If there is objective evidence
of impairment, then the carrying amount is reduced to its recoverable amount and the impairment
loss is recognised in the statement of comprehensive income.
(i) Financial instruments
Recognition and derecognition
Financial instruments are recognised on the balance sheet at such time that the syndicate becomes a
party to the contractual provisions of the financial instrument. A financial asset is derecognised when:
• the contractual rights to receive cash flows from the financial assets expire;
• the financial assets have been transferred, together with substantially all the risks and rewards of
ownership; or
• despite having retained some, but not substantially all, risks and rewards of ownership, control of
the asset is transferred to another party and the other party has the practical ability to sell the
asset in its entirety to an unrelated third party.
Financial liabilities are derecognised if the syndicate’s obligations specified in the contract expire, are
discharged or cancelled.
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
21
1. Accounting policies continued
Financial assets and liabilities measurement
On acquisition of a financial asset or liability, the syndicate will measure the asset or liability at
transaction price, except for those financial assets and liabilities at fair value through profit or loss
(‘FVTPL’), which are initially measured at fair value. The exception to this is when the arrangement
constitutes a financing transaction however, the syndicate does not make use of any such
arrangements.
All financial investments are designated as FVTPL upon initial recognition because they are managed
and their performance is evaluated on a fair value basis. Information about these financial
instruments is provided internally on a fair value basis to key management. The investment strategy
is to invest and evaluate their performance with reference to their fair values.
Fair value measurement
Fair value is the price at which an orderly transaction to sell an asset or to transfer a liability would
take place between market participants at the measurement date. Fair value is a market-based
measure and in the absence of observable market prices in an active market, it is measured using the
assumptions that market participants would use when pricing the asset or liability.
The best evidence of the fair value of a financial instrument at initial recognition is the transaction
price, i.e., the fair value of the consideration given or received, unless the fair value of that
instrument is evidenced by comparison with other observable current market transactions in the same
instrument (i.e., without modification or repackaging) or based on a valuation technique whose
variables include only data from observable markets.
When transaction price provides the best evidence of fair value at initial recognition, the financial
instrument is initially measured at the transaction price and any difference between this price and the
value initially obtained from a valuation model is subsequently recognised in the statement of
comprehensive income depending on the individual facts and circumstances of the transaction but not
later than when the valuation is supported wholly by observable market data or the transaction is
closed out.
Upon initial recognition, attributable transaction costs relating to financial instruments at FVTPL are
recognised in the statement of comprehensive income when incurred. Financial assets at FVTPL are
continuously measured at fair value, and changes therein are recognised in the statement of
comprehensive income. Net changes in the fair value of financial assets at FVTPL exclude interest and
dividend income, as these items are accounted for separately.
(j) Insurance debtors and creditors
Insurance debtors and creditors include amounts due to and from agents, brokers and insurance
contract holders. These are classified as debt instruments as they are non-derivative financial assets
with fixed or determinable payments that are not quoted on an active market. Insurance debtors are
measured at amortised cost less any provision for impairments. Insurance creditors are stated at
amortised cost. The syndicate does not have any debtors directly with policyholders, all transactions
occur via an intermediary.
(k) Other debtors
Other debtors principally consist of intercompany debtor balances and sundry debtors and are carried
at amortised cost less any impairment losses.
(l) Other creditors
Other creditors principally consist of amounts due to other related entities, and profit commissions
payable. These are stated at amortised cost determined using the effective interest rate method.
(m) Impairment of financial assets
Assessment is made at each reporting date whether there is objective evidence that a financial asset
or group of financial assets measured at amortised cost is impaired. A financial asset or group of
financial assets is impaired and impairment losses are incurred only if there is objective evidence of
impairment as a result of one or more events that have occurred after the initial recognition of the
assets and that event has an impact on the estimated cash flows of the financial asset or group of
financial assets that can be reliably estimated.
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
22
1. Accounting policies continued
If there is objective evidence that impairment exists, the amount of the loss is measured as the
difference between the assets carrying amount and the value of the estimated future cash flows
discounted at the financial asset’s original effective interest rate. Where a loss is incurred this is
recognised in the statement of comprehensive income.
(n) Cash and cash equivalents
This consists of cash at bank and in hand, deposits held at call with banks and other short-term highly
liquid investments with maturities of three months or less from the date of acquisition. Cash at bank
and in hand balances are classified as loans and receivables and carried at amortised cost less any
impairment losses.
(o) 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 (currently at 20%) deducted
from syndicate investment income is recoverable by managing agents and consequently the
distribution made to members or their members’ agents is gross of tax. Capital appreciation falls
within trading income and is also distributed gross of tax.
No provision has been made for any US 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 members on underwriting results.
(p) Pension costs
Pension contributions relating to staff who act on behalf of the syndicate are charged to the syndicate
and included within net operating expenses.
(q) Related party transactions
The syndicate has taken advantage of the exemption contained in FRS 102.1 and has therefore not
disclosed transactions with other wholly owned entities forming part of the Beazley Group.
2 Risk management
The managing agent has identified the risks arising from its activities and has established policies and
procedures to manage these items in accordance with its risk appetite. The sections below outline the
syndicate’s risk appetite and explain how the managing agent defines and manages each category of risk.
The risk management framework is discussed in the managing agent's report.
2.1 Insurance risk
The syndicate’s insurance business assumes the risk of loss from persons or organisations that are directly
exposed to an underlying loss. Insurance risk arises from this risk transfer due to inherent uncertainties
about the occurrence, amount and timing of insurance liabilities. The four key components of insurance
risk are underwriting, reinsurance, claims management and reserving. Each element is considered below.
a) Underwriting risk
Underwriting risk comprises four elements that apply to all insurance products offered by the syndicate:
• cycle risk – the risk that business is written without full knowledge as to the (in)adequacy of rates,
terms and conditions;
• event risk – the risk that individual risk losses or catastrophes lead to claims that are higher than
anticipated in plans and pricing;
• pricing risk – the risk that the level of expected loss is understated in the pricing process; and
• expense risk – the risk that the allowance for expenses and inflation in pricing is inadequate.
The managing agent manages and model these four elements in the following three categories: attritional
claims, large claims and catastrophe events.
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
23
2 Risk management continued
The syndicate’s underwriting strategy is to seek a diverse and balanced portfolio of risks in order to limit
the variability of outcomes. This is achieved by accepting a spread of business over time, segmented
between different products, geography and size.
The annual business plans for each underwriting team reflect the syndicate’s underwriting strategy, and
set out the classes of business, the territories and the industry sectors in which business is to be written.
These plans are approved by the Board of BFL and monitored by the underwriting committee.
The managing agent’s underwriters calculate premiums for risks written based on a range of criteria
tailored specifically to each individual risk. These factors include but are not limited to the financial
exposure, loss history, risk characteristics, limits, deductibles, terms and conditions and acquisition
expenses. The managing agent also recognises that insurance events are, by their nature, random, and
the actual number and size of events during any one year may vary from those estimated using
established statistical techniques.
To address this, the managing agent sets out the exposure that it is prepared to accept in certain
territories to a range of events such as natural catastrophes and specific scenarios which may result in
large industry losses. This is monitored through regular calculation of Realistic Disaster Scenarios. The
aggregate position is monitored at the time of underwriting a risk, and reports are regularly produced to
highlight the key aggregations to which the syndicate is exposed.
The managing agent uses a number of modelling tools to monitor its exposures against the agreed risk
appetite set and to simulate catastrophe losses in order to measure the effectiveness of its reinsurance
programmes.
Stress and scenario tests are also run using these models. The range of scenarios considered includes
natural catastrophe, cyber, marine, liability, political, terrorism and war events.
One of the largest types of event exposure relates to natural catastrophe events such as windstorm or
earthquake. With the increasing risk from climate change impacts the frequency and severity of natural
catastrophes, the managing agent continues to monitor its exposure. Where possible the managing agent
measures geographic accumulations and uses its knowledge of the business, historical loss behaviour and
commercial catastrophe modelling software to assess the expected range of losses at different return
periods. Upon application of the reinsurance coverage purchased, the key gross and net exposures are
calculated on the basis of extreme events at a range of return periods.
To manage underwriting exposures, the managing agent has developed limits of authority and business
plans which are binding upon all staff authorised to underwrite and are specific to underwriters, classes of
business and industry.
These authority limits are enforced through a comprehensive sign-off process for underwriting transactions
including dual sign-off for all line underwriters and peer review for all risks exceeding individual
underwriters authority limits. Exception reports are also run regularly to monitor compliance.
All underwriters also have a right to refuse renewal or change the terms and conditions of insurance
contracts upon renewal. Rate monitoring details, including limits, deductibles, exposures, terms and
conditions and risk characteristics are also captured and the results are combined to monitor the rating
environment for each class of business.
Binding Authority contracts
A proportion of the syndicate’s insurance risks are transacted by third parties under delegated underwriting
authorities. Each third party is thoroughly vetted by the managing agent's coverholder approval group
before it can bind risks, and is subject to rigorous monitoring to maintain underwriting quality and confirm
ongoing compliance with contractual guidelines.
b) Reinsurance risk
Reinsurance risk to the syndicate arises where reinsurance contracts put in place to reduce gross insurance
risk do not perform as anticipated, result in coverage disputes or prove inadequate in terms of the vertical
or horizontal limits purchased. Failure of a reinsurer to pay a valid claim is considered a credit risk which is
detailed separately below.
The syndicate’s reinsurance programmes complement the underwriting team business plans and seek to
protect syndicate capital from an adverse volume or volatility of claims on both a per risk and per event
basis. In some cases the syndicate deems it more economic to hold capital than purchase reinsurance.
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
24
2 Risk management continued
These decisions are regularly reviewed as an integral part of the business planning and performance
monitoring process.
The reinsurance security committee (‘RSC’) examines and approves all reinsurers to ensure that they
possess suitable security. The syndicate’s ceded reinsurance team ensures that these guidelines are
followed, undertakes the administration of reinsurance contracts, monitors and instigates our responses to
any erosion of the reinsurance programmes.
c) Claims management risk
Claims management risk may arise within the syndicate in the event of inaccurate or incomplete case
reserves and claims settlements, poor service quality or excessive claims handling costs. These risks may
damage the Beazley brand and undermine its ability to win and retain business or incur punitive damages.
These risks can occur at any stage of the claims life-cycle.
The syndicate’s claims teams are focused on delivering quality, reliability and speed of service to both
internal and external clients. Their aim is to adjust and process claims in a fair, efficient and timely
manner, in accordance with the policy’s terms and conditions, the regulatory environment, and the
business’s broader interests. Prompt and accurate case reserves are set for all known claims liabilities,
including provisions for expenses.
d) Reserving and ultimate reserves risk
Reserving and ultimate reserves risk occurs within the syndicate where established insurance liabilities are
insufficient through inaccurate forecasting, or where there is inadequate allowance for expenses and
reinsurance bad debts in provisions.
To manage reserving and ultimate reserves risk, our actuarial team uses a range of recognised techniques
to project gross premiums written, monitor claims development patterns and stress test ultimate insurance
liability balances. An external independent actuary also performs an annual review to produce a statement
of actuarial opinion for the syndicate.
The objective of the syndicate’s reserving policy is to produce accurate and reliable estimates that are
consistent over time and across classes of business. The estimates of gross premiums written and claims
prepared by the actuarial department are used through a formal quarterly peer review process to
independently test the integrity of the estimates produced by the underwriting teams for each class of
business. These meetings are attended by senior management, senior underwriters, actuarial, claims, and
finance representatives.
The syndicate monitors its exposure to insurance risk by location. The geographical breakdown of written
premiums is disclosed in note 3.
A set increase or decrease in total claims liabilities would have the following impact on profit and members'
balances' on the following page:
Sensitivity to insurance risk (claims reserves)
Impact on profit and members'
balances'
2024
£'000
2023
£'000
Claims outstanding - gross of reinsurance 14,620 19,768
Claims outstanding - net of reinsurance 12,506 16,200
5% increase in gross claims reserve
(731) (988)
5% decrease in gross claims reserve
731 988
5% increase in net claims reserve
(625) (810)
5% decrease in net claims reserve 625 810
2.2 Market risk
Market risk arises where the value of assets and liabilities changes as a result of movements in foreign
exchange rates, interest rates and market prices.
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
25
2 Risk management continued
Foreign exchange risk
The functional and presentational currency of the syndicate is the pound sterling. The effect of this on
foreign exchange risk is that the syndicate is exposed to fluctuations in exchange rates for non-sterling
denominated transactions and net assets.
The syndicate deals in four main settlement currencies: US dollars, sterling, Canadian dollars and euros.
Transactions in all currencies are converted to sterling on initial recognition and revalued at the reporting
date. Remaining foreign exchange risk is still actively managed as described below.
The following table summarises the carrying value of total assets and total liabilities categorised by
currency:
CAD $ EUR € US $ Other Subtotal UK £
Total
31 December 2024 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investments
— — 3 3,162 3,165 269 3,434
Reinsurers' share of technical
provisions
— 9 432 — 441 4,011 4,452
Debtors
505 (77) 3,244 — 3,672 16,591 20,263
Other assets
10 1,421 4,478 — 5,909 2,955 8,864
Prepayments and accrued income
3 50 640 — 693 1,781 2,474
Total assets
518 1,403 8,797 3,162 13,880 25,607 39,487
Technical provisions
(208) (353) (6,730) — (7,291) (20,191) (27,482)
Creditors
(13) 1,635 (3,455) — (1,833) (5,155) (6,988)
Accruals and deferred income
— — (3) — (3) (740) (743)
Total liabilities
(221) 1,282 (10,188) — (9,127) (26,086) (35,213)
Total Capital and Reserves 297 2,685 (1,391) 3,162 4,753 (479) 4,274
CAD $ EUR € US $ Other Subtotal UK £ Total
Investments
— — 3 3,386 3,389 325 3,714
Reinsurers' share of technical
provisions
28 6 875 — 909 5,137 6,046
Debtors
56 (115) 4,980 — 4,921 14,991 19,912
Other assets
10 768 3,037 — 3,815 9,959 13,774
Prepayments and accrued income
— 42 575 — 617 1,932 2,549
Total assets
94 701 9,470 3,386 13,651 32,344 45,995
Technical provisions
(42) (339) (6,195) — (6,576) (26,767) (33,343)
Creditors
— 1,374 (327) — 1,047 (11,760) (10,713)
Accruals and deferred income
— — — — — (643) (643)
Total liabilities
(42) 1,035 (6,522) — (5,529) (39,170) (44,699)
Total Capital and Reserves
52 1,736 2,948 3,386 8,122 (6,826) 1,296
Foreign exchange risk - Sensitivity analysis
In 2024, the syndicate managed its foreign exchange risk by periodically assessing its non-sterling
exposures while targeting net assets to be predominately sterling denominated. As at 31 December 2024
the syndicate held no derivatives (2023: nil).
Fluctuations in the syndicate’s trading currencies against pound sterling would result in a change to profit
and members' balances. The table below gives an indication of the impact on profit and members' balances
of a 10% change in relative strength of sterling against the value of US dollar, Canadian dollar and euro,
simultaneously. The analysis is based on the current information available and an assumption that the
impact of foreign exchange on non-monetary items will be nil and is presented net of the impact of the
exchange rate derivatives referenced above.
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
26
2 Risk management continued
Impact on profit and members
balances
Change in exchange rate of US dollar, Canadian dollar and euro
relative to sterling
2024
£'000
2023
£'000
Sterling weakens 10% against other currencies 172 431
Sterling strengthens 10% against other currencies
(172) (431)
Interest rate risk
Some of the syndicate’s financial instruments, including financial investments and cash and cash
equivalents are exposed to movements in market interest rates.
The syndicate manages interest rate risk by primarily investing in short duration financial investments and
cash and cash equivalents. The Investment Committee monitors the duration of these assets on a regular
basis.
The syndicate also entered into interest rate futures contracts to manage the interest rate risk on fixed
income portfolios.
The following table shows the average duration at the reporting date of the financial instruments that are
exposed to movements in market interest rates. Duration is a commonly used measure of volatility and
gives a better indication than maturity of the likely sensitivity of our portfolio to changes in interest rates.
Duration <1 yr 1-2 yrs 2-3 yrs 3-4 yrs 4-5 yrs 5-10 yrs >10 yrs Total
31 December
2024
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Other investments
3,165 — — — — — — 3,165
Cash at bank in
hand
8,864 — — — — — — 8,864
Syndicate loans to
central fund
269 — — — — — — 269
Total 12,298 — — — — — — 12,298
Duration <1 yr 1-2 yrs 2-3 yrs 3-4 yrs 4-5 yrs 5-10 yrs >10 yrs Total
31 December
2023
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Other
investments
3,389 — — — — — —
3,389
Cash at bank in
hand
13,774 — — — — — — 13,774
Syndicate loans
to central fund
80 245 — — — — — 325
Total 17,243 245 — — — — — 17,488
Interest rate risk - Sensitivity analysis
The syndicate holds financial assets and liabilities that are exposed to interest rate risk. Changes in
interest yields, with all other variables constant, will not result in changes in the capital value of deposits
held. The impact of movements in interest rates was not material to the fair value of the syndicate’s
financial assets at 31 December 2024 or 31 December 2023.
Impact on profit for the year
Impact on members balances
Shift in yield (basis
points)
2024
£'000
2023
£'000
2024
£'000
2023
£'000
50 basis point increase (57) (41) (57) (41)
50 basis point decrease
57 41 57 41
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
27
2 Risk management continued
Price risk
Financial assets are recognised on the balance sheet at their fair value are not susceptible to losses due
to adverse changes in prices. This is referred to as price risk. Financial assets include fixed term money
market deposits, that invest in fixed and floating debt securities. The fixed income securities are well
diversified across high quality, liquid securities. The price risk associated with these securities is
predominantly interest and foreign exchange.
2.3 Credit risk
Credit risk arises from the failure of another party to perform its financial or contractual obligations to the
syndicate in a timely manner. The primary sources of credit risk for the syndicate are:
• reinsurers – whereby reinsurers may fail to pay valid claims against a reinsurance contract held by
the syndicate;
• brokers and coverholders – whereby counterparties fail to pass on premiums or claims collected or
paid on behalf of the syndicate;
• investments – whereby issuer default results in the syndicate losing all or part of the value of a
financial instrument and derivative financial instrument; and
• cash at bank and in hand.
The syndicate’s core business is to accept significant insurance risk and the appetite for other risks is low.
This protects the syndicate’s capital from erosion so that it can meet its insurance liabilities.
The syndicate limits exposure to a single counterparty or a group of counterparties and analyses the
geographical locations of exposures when assessing credit risk.
An approval system also exists for all new brokers, and broker performance is carefully monitored. Regular
exception reports highlight trading with non-approved brokers, and the syndicate’s credit control function
frequently assesses the ageing and collectability of debtor balances. Any large, aged items are prioritised
and where collection is outsourced, incentives are in place to support these priorities.
The Investment Committee has established comprehensive guidelines for the syndicate’s investment
managers regarding the type, duration and quality of investments acceptable to the syndicate. The
performance of investment managers is regularly reviewed to confirm adherence to these guidelines.
The managing agent has developed processes to formally examine all reinsurers before entering into new
business arrangements. New reinsurers are approved by the Reinsurance Security Committee, which also
reviews arrangements with all existing reinsurers at least annually. Vulnerable or slow-paying reinsurers
are examined more frequently.
To assist in the understanding of credit risks, A.M. Best, Moody’s and Standard & Poor’s (‘S&P’) ratings are
used. These ratings have been categorised below as used for Lloyd’s reporting.The tables on the following
page summarise the syndicate’s concentrations of credit risk:
AAA AA A BBB
Other
Not
Rated
Total
31 December 2024 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investments
Syndicate loans to central fund — — 269 — — — 269
Other investments — — 3,165 — — — 3,165
Total Investments — — 3,434 — — — 3,434
Reinsurers’ share of outstanding
claims — 373 1,444 — — 297 2,114
Debtors arising out of direct
insurance operations
— — — — — 14,715 14,715
Debtors arising out of direct
reinsurance operations
— 12 2,320 — — 3,192 5,524
Cash at bank and in hand
— — 8,864 — — — 8,864
Other debtors and accrued interest 16 — — — — 60 76
Total 16 385 16,062 — — 18,264 34,727
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
28
2 Risk management continued
AAA AA A BBB
Other
Not
Rated
Total
31 December 2023 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investments
Syndicate loans to central fund — — 325 — — — 325
Other investments — — 3,389 — — — 3,389
Total Investments — — 3,714 — — — 3,714
Reinsurers’ share of outstanding
claims — 287 3,281 — — — 3,568
Debtors arising out of direct
insurance operations
— — — — — 15,787 15,787
Debtors arising out of direct
reinsurance operations
— 13 2,138 — — 1,957 4,108
Cash at bank and in hand
— 2,998 10,776 — — — 13,774
Other debtors and accrued interest 2 — — — — 222 224
Total 2 3,298 19,909 — — 17,966 41,175
Based on all evidence available, debtors arising out of insurance operations and other debtors have not
been impaired and no impairment provision has been recognised in respect of these assets (2023:Nil). No
other financial assets held at year end were impaired.
The syndicate has insurance debtors and reinsurance assets that are past due but not impaired at the
reporting date. An aged analysis of these is presented below:
Neither Past
due nor
impaired
Past due but
not impaired
Gross value
of impaired
assets
Impairment
allowance
Total
31 December 2024 £'000 £'000 £'000 £'000 £'000
Investments
Syndicate loans to central fund 269 — — — 269
Other investments 3,165 — — — 3,165
Total Investments 3,434 — — — 3,434
Reinsurers’ share of claims outstanding
2,114 — — — 2,114
Debtors arising out of direct insurance
operations
14,715 — — — 14,715
Debtors arising out of reinsurance
operations
4,567 957 — — 5,524
Cash at bank and in hand
8,864 — — — 8,864
Other debtors and accrued interest 76 — — — 76
Total 33,770 957 — — 34,727
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
29
2 Risk management continued
Neither Past
due nor
impaired
Past due but
not impaired
Gross value
of impaired
assets
Impairment
allowance
Total
31 December 2023
£'000 £'000 £'000 £'000 £'000
Investments
Syndicate loans to central fund 325 — — — 325
Other investments 3,389 — — — 3,389
Total financial investments 3,714 — — — 3,714
Reinsurers’ share of claims outstanding 3,568 — — — 3,568
Debtors arising out of direct insurance
operations
15,787 — — — 15,787
Debtors arising out of reinsurance
operations
3,307 801 — — 4,108
Cash at bank and in hand
13,774 — — — 13,774
Other debtors and accrued interest 224 — — —
224
Total 40,374 801 — — 41,175
The table below sets out the reconciliation of changes in impairment allowance during the period for reach
class of financial asset at the balance sheet date.
The table below sets out the age analysis of financial assets that are past due but not impaired at the
balance sheet date:
Past due but not impaired assets
0 - 3 months
past due
3 - 6 months
past due
6 - 12 months
past due
Greater than 1
year past due
Total
31 December 2024
$'000 $'000 $'000 $'000 $'000
Debtors arising out of reinsurance
operations
— 905 — 52 957
Debtors arising out of direct insurance
operations
— — — — —
Total — 905 — 52 957
Past due but not impaired assets
0 - 3 months
past due
3 - 6 months
past due
6 - 12 months
past due
Greater than 1
year past due
Total
31 December 2023
$'000 $'000 $'000 $'000 $'000
Debtors arising out of reinsurance
operations
— 801 — — 801
Debtors arising out of direct insurance
operations
— — — — —
Total — 801 — — 801
2.4 Liquidity risk
Liquidity risk arises where cash may not be available to pay obligations when due at a reasonable cost.
The syndicate is exposed to daily calls on its available cash resources, principally from claims arising from
its insurance business. In the majority of the cases, these claims are settled from the premiums received.
The syndicate’s approach is to manage its liquidity position so that it can reasonably survive a significant
individual or market loss event. This means that the syndicate maintains sufficient liquid assets, or assets
that can be translated into liquid assets at short notice and without any significant capital loss, to meet
expected cash flow requirements. These liquid funds are regularly monitored using cash flow forecasting to
ensure that surplus funds are invested to achieve a higher rate of return.The table below summarises the
carrying amount at reporting date of financial instruments analysed by maturity on the following page:
The maturity analysis presented in the table below shows the remaining contractual maturities for the
Syndicate’s insurance contracts and financial instrument liabilities. For insurance and reinsurance
contracts, the contractual maturity is the estimated date when the gross undiscounted contractually
required cash flows will occur. For financial liabilities, it is the earliest date on which the gross
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
30
2 Risk management continued
undiscounted cash flows (including contractual interest payments) could be paid assuming conditions are
consistent with those at the reporting date.
Maturity
Carrying
amount
No maturity
stated
0 - 1 yrs 1 - 3 yrs 3 - 5 yrs >5 yrs Total
31 December 2024 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Claims outstanding
14,620 — 2,152 4,977 3,477 4,014 14,620
Creditors
6,988 — 6,988 — — —
6,988
Other liabilities
743 — 743 — — —
743
Total 22,351 — 9,883 4,977 3,477 4,014 22,351
Maturity
Carrying
amount
No maturity
stated
0 - 1 yrs 1 - 3 yrs 3 - 5 yrs >5 yrs Total
31 December 2023 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Claims outstanding
19,768 — 3,353 6,805 4,515 5,095 19,768
Creditors
10,714 — 10,714 — — —
10,714
Other liabilities
642 — 642 — — —
642
Total 31,124 — 14,709 6,805 4,515 5,095 31,124
2.5 Capital management
Capital framework at Lloyd’s
The Society of Lloyd’s is a regulated undertaking and subject to the supervision of the Prudential
Regulation Authority under the Financial Services and Markets Act 2000.
Within this supervisory framework, Lloyd’s applies capital requirements at member level and centrally to
ensure that Lloyd’s complies with Solvency II, and beyond that to meet its own financial strength, license
and ratings objectives. Although, as described below, the Lloyd’s capital setting processes use a capital
requirement set at syndicate level as a starting point, the requirement to meet Solvency II and Lloyd’s
capital requirements apply at an overall and member level respectively, not at a syndicate level.
Accordingly the capital requirement in respect of Syndicate 3622 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 SCRs of
each syndicate are subject to review by Lloyd’s and approval by the Lloyd’s Capital and Planning Group.
A syndicate comprises one or more underwriting members of Lloyd’s. Each member is liable for its own
share of underwriting liabilities on the syndicate(s) on which it participates but not other members’ shares.
Accordingly, the capital requirement that Lloyd’s sets for each member operates on a similar basis. Each
member’s SCR shall thus be 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 year 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 2024 was 35% (2023: 35%) of the
member’s SCR to ultimate.
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
31
2 Risk management continued
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), held within and managed within a syndicate (funds in syndicate) and/or as
the member’s share of the Solvency II members’ balances on each syndicate on which it participates.
3 Analysis of underwriting result
31 December 2024
Gross
premiums
written
Gross
premiums
earned
Gross claim
incurred
Net
operating
expenses*
Reinsurance
balance
Underwriting
result
£'000 £'000 £'000 £'000 £'000 £'000
Direct Insurance
Life 25,602 26,168 (6,292) (12,018) (3,207) 4,651
Total direct
insurance
25,602 26,168 (6,292) (12,018) (3,207) 4,651
Reinsurance
acceptances
5,777 5,892 (1,569) (1,595) (13) 2,715
Total 31,379 32,060 (7,861) (13,613) (3,220) 7,366
31 December 2023
Gross
premiums
written
Gross
premiums
earned
Gross claim
incurred
Net
operating
expenses*
Reinsurance
balance
Underwriting
result
£'000 £'000 £'000 £'000 £'000 £'000
Direct Insurance
Life 26,781 27,287 (20,338) (9,653) 547 (2,157)
Total direct
insurance
26,781 27,287 (20,338) (9,653) 547 (2,157)
Reinsurance
acceptances
3,077 2,530 2,028 (1,510) (299) 2,749
Total 29,858 29,817 (18,310) (11,163) 248 592
*Included in net operating expenses is income arising from overrider commissions from reinsurance
operations of $47K (2023: ($67K)).
No gains or losses were recognised in profit or loss during the year on buying reinsurance (2023: nil). The
gross premiums written by destination of risk is presented in the table below:
Concentration of insurance risk
2024
£'000
2023
£'000
United Kingdom 17,921 18,747
US — —
European Union member states 1,024 1,071
Rest of world 6,657 6,963
Total 25,602 26,781
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
32
4 Net operating expenses
2024 2023
£'000 £'000
Acquisition costs
6,152 5,304
Change in deferred acquisition costs
(89) 67
Administrative expenses
7,597 5,725
Reinsurance commission and profit participation (47) 67
Total 13,613 11,163
Acquisition costs include commissions for direct insurance business as shown below:
2024 2023
£'000 £'000
Total commission for direct insurance business
5,027 4,209
2024 2023
£’000 £’000
Auditor’s remuneration:
Fees payable to the syndicate’s auditor for
the audit of these annual accounts
95 93
Fees payable to the syndicate’s auditor and other services pursuant to
legislation
129 107
Fees payable to the syndicate's auditor in relation to other services pursuant to legislation primarily relate
to the review and audit of syndicate regulatory returns along with the statement of actuarial opinion.
5 Staff numbers and costs
The syndicate has no employees. All staff are employed by Beazley Management Limited ('BML'), a related
company to the managing agent, both of which operate within the Beazley Group. The average number of
persons employed by BML and working for the syndicate in some capacity are as follows.
Number of employees
2024 2023
Administration and finance 870 799
Underwriting 239 234
Claims 88 75
Investments 8 8
Total
1,205 1,116
The following amounts were recharged to the syndicate in respect of staff costs:
2024 2023
£'000 £'000
Wages and salaries 1,801 1,529
Social security 656 475
Pension costs 541 391
Short term incentive payments 1,734 1,027
Total 4,732 3,422
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
33
6 Key management personnel compensation
The Directors of BFL, excluding the active underwriter, received the following aggregate remuneration
charged to Syndicate 3622 and included within net operating expenses:
2024 2023
£'000
£'000
Emoluments
167
156
167 156
The active underwriter received the following aggregate remuneration charged to the Syndicate 3622.
2024 2023
£'000
£'000
Emoluments
70
60
7 Investment return
2024 2023
£'000 £'000
Interest and similar income
From financial instruments designated at fair value through
profit or loss
Interest and similar income 23 123
From financial instruments classified at amortised cost
Interest on cash at bank 195 220
From financial instruments designated at fair value through
profit or loss
Unrealised gains on investments 31 209
Unrealised losses on the investments (7) (201)
Total investment return 242 351
Transferred to the technical account from the non-technical account
242 351
Impairment losses on debtors recognised in administrative expenses
— —
8 Distribution and open years of account
A distribution of £646.8K to members will be proposed in relation to the 2022 year of account which is
closing (2023: distribution of £4,580k profit for the 2021 year of account).
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
34
9 Financial investments
Market value Cost
2024 2023 2024 2023
Financial assets at fair value £'000 £'000 £'000 £'000
Syndicate loans to central fund
269 325 264 330
Other investments
3,165 3,389 3,165 3,389
Total financial investments
3,434 3,714 3,429 3,719
Overseas deposits, included within other investments, are held as a condition of conducting underwriting
business in certain countries.
2024 2023
£'000 £'000
Financial assets measured at fair value through profit or loss 3,434 3,714
Total financial investments
3,434 3,714
Valuation hierarchy
All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorised within the fair value hierarchy described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole. If the inputs used to measure the fair value of an
asset or a liability could be categorised in different levels of the fair value hierarchy, then the fair value
measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level
input that is significant to the entire measurement.
Level 1 – Valuations based on quoted prices in active markets for identical instruments. An active market
is a market in which transactions for the instrument occur with sufficient frequency and volume on an
ongoing basis such that quoted prices reflect prices at which an orderly transaction would take place
between market participants at the measurement date.
Level 2 – Valuations based on quoted prices in markets that are not active, or based on pricing models for
which significant inputs can be corroborated by observable market data, directly or indirectly (e.g. interest
rates, exchange rates). Level 2 inputs include:
• Quoted prices similar assets and liabilities in active markets;
• Quoted prices for identical or similar assets and liabilities in markets that are not active, the prices
are not current, or price quotations vary substantially either over time or among market makers, or
in which little information is released publicly;
• Inputs other than quoted prices that are observable for the asset or liability (for example, interest
rates and yield curves observable at commonly quoted intervals, implied volatilities and credit
spreads); and
• Market corroborated inputs. Included within level 2 are government bonds and treasury bills, equity
funds and corporate bonds which are not actively traded, hedge funds and senior secured loans.
Level 3 – Valuations based on inputs that are unobservable or for which there is limited market activity
against which to measure fair value. The availability of financial data can vary for different financial assets
and is affected by a wide variety of factors, including the type of financial instrument, whether it is new
and not yet established in the marketplace, and other characteristics specific to each transaction. To the
extent that valuation is based on models or inputs that are unobservable in the market, the determination
of fair value requires more judgement. Accordingly the degree of judgement exercised by management in
determining fair value is greatest for instruments classified in level 3. The syndicate uses prices and inputs
that are current as of the measurement date for valuation of these instruments.
Valuation approach
The valuation approach for fair value assets and liabilities classified as level 3 is as follows:
The syndicate loans are loans provided to the Central Fund at Lloyd’s. These instruments are not tradeable
and are valued using discounted cash flow models, designed to appropriately reflect the credit and liquidity
risk of the instruments.
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
35
35
9 Financial investments continued
The table on the following page shows the fair value of financial instruments at 31 December 2024,
including their levels in the fair value hierarchy:
2024 Level 1 Level 2 Level 3 Total
Financial assets at fair value
£'000 £'000 £'000 £'000
Syndicate loans to central fund — —
269
269
Other investments
3,165 — —
3,165
Total financial assets at fair value 3,165 — 269 3,434
2023 Level 1 Level 2 Level 3 Total
Financial assets at fair value
£'000 £'000 £'000 £'000
Syndicate loans to central fund
— — 325 325
Other investments
3,389 — — 3,389
Total financial assets at fair value 3,389 — 325 3,714
10 Debtors arising out of direct insurance
2024 2023
£'000 £'000
Due within one year 14,715 15,787
Due after one year — —
14,715 15,787
11 Debtors arising out of direct reinsurance
2024 2023
£'000 £'000
Due within one year 5,524 4,108
Due after one year
—
—
5,524 4,108
12 Other debtors
2024 2023
£'000 £'000
Amount due from syndicate 2623 16 2
Inter syndicate balance 16 2
Net amount due from other related entities
— —
Sundry debtors including taxation 8 15
Total other debtors
24 17
These balances are due within one year.
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
36
13 Deferred acquisition costs
2024 2023
Gross Reinsurance Net Gross Reinsurance Net
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January
2,342 (22)
2,320
2,421 (2) 2,419
Incurred deferred acquisition
costs 6,152 (22) 6,130 5,304 (22) 5,282
Amortised deferred
acquisition costs (6,062) 20 (6,042) (5,371) 2 (5,369)
Foreign exchange movements
(10) —
(10)
(12) — (12)
Balance at 31 December
2,422 (24) 2,398 2,342 (22) 2,320
14 Analysis of net debt
All amounts in $'000
At 1
January
2024
Cash flows Acquired
Fair value and
exchange
movements
Non cash
charges
At 31
December
2024
Cash at bank and in
hand
13,774 (4,783) — (127) — 8,864
Total
13,774 (4,783) — (127) — 8,864
All amounts in $'000
At 1
January
2023
Cash flows Acquired
Fair value and
exchange
movements
Non cash
charges
At 31
December
2023
Cash at bank and in
hand
10,796 3,055 — (77) — 13,774
Total 10,796 3,055 — (77) — 13,774
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
37
15 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.
2024 2023
Gross
provisions
Reinsurance
assets
Net
Gross
provisions
Reinsurance
assets
Net
Claims outstanding £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January
19,768 (3,568) 16,200 16,611 (1,874) 14,737
Claims paid during the year
(12,931) 4,824 (8,107) (15,025) 5,443 (9,582)
Expected cost of current year
claims
17,837 (5,483) 12,354 21,866 (6,182) 15,684
Change in estimates of prior year (9,976) 2,102 (7,874) (3,556) (966) (4,522)
Effect of movements in exchange
rate
(78) 11 (67) (128) 11 (117)
Balance at 31 December
14,620 (2,114) 12,506 19,768 (3,568) 16,200
2024 2023
Gross
provisions
Reinsurance
assets
Net
Gross
provisions
Reinsurance
assets
Net
Unearned premiums £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 January
13,575 (2,478) 11,097 13,576 (2,802) 10,774
Premiums written during the year
31,379 (6,464) 24,915 29,858 (6,580) 23,278
Premiums earned during the year
(32,060) 6,601 (25,459) (29,817) 6,900
(22,917)
Effect of movements in exchange
rate
(32) 3 (29) (42) 4 (38)
Balance at 31 December
12,862 (2,338) 10,524 13,575 (2,478)
11,097
Refer to note 2 for the sensitivity analysis performed over the value of insurance liabilities, disclosed in the
accounts, to potential movements in the assumptions applied within the technical provisions.
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
38
15 Technical Provisions continued
The following tables illustrate the development of the estimates of ultimate cumulative claims incurred,
including claims notified and IBNR, for each successive underwriting year, illustrating how amounts
estimated have changed from the first estimates made.
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Gross amounts
£ '000 £ '000 £ '000 £ '000 £ '000 £ '000 £ '000 £ '000 £ '000 £ '000 £ '000
12 months
10,129 16,174 11,438 17,283 13,361 15,083 16,464 20,656 22,626 20,505
24 months
9,548 15,227 11,494 17,553 14,222 16,432 16,850 23,401 14,449
36 months
9,724 8,701 11,614 16,005 12,028 15,309 15,352 19,305
48 months
9,306 9,232 10,920 13,777 10,238 13,602 13,285
60 months
9,221 9,252 10,870 13,946 9,745 13,113
72 months
9,116 9,112 10,858 12,698 9,571
84 months
9,117 9,119 10,858 12,653
96 months
9,080 9,163 10,861
108 months
9,080 9,163
120 months
9,077
Total Ultimate
Losses (£'000)
9,077 9,163 10,861 12,653 9,571 13,113 13,285 19,305 14,449 20,505 131,982
Provision in
respect of prior
years (2014 and
earlier)
4
Less gross paid
claims (£'000)
(9,077) (9,163) (10,861) (9,686) (9,571) (13,006) (13,015) (18,030) (11,190) (7,212)
(110,811)
Gross claims
reserves
(unearned)
— — — 2,967 — 107 270 1,275 3,259 13,293 21,175
Less unearned
portion of
ultimate losses
(£'000)
— — — — — — — — (146) (6,409) (6,555)
Gross claims
reserves
(£'000)
— — — 2,967 — 107 270 1,275 3,113 6,884 14,620
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total
Net amounts
£ '000 £ '000 £ '000 £ '000 £ '000 £ '000 £ '000 £ '000 £ '000 £ '000 £ '000
12 months
9,918 16,112 11,309 16,976 12,781 12,938 11,684 15,657 16,894 15,396
24 months
9,419 15,171 11,249 17,118 13,709 13,487 11,692 16,571 9,348
36 months
9,642 8,701 11,569 15,575 11,944 12,443 9,764 13,442
48 months
9,262 9,222 10,920 13,774 10,238 11,084 8,219
60 months
9,178 9,253 10,870 13,933 9,737 10,662
72 months
9,073 9,112 10,858 12,696 9,571
84 months
9,074 9,119 10,858 12,653
96 months
9,037 9,163 10,861
108 months
9,037 9,163
120 months
9,034
Total Ultimate
Losses (£'000)
9,034 9,163 10,861 12,653 9,571 10,662 8,219 13,442 9,348 15,396 108,349
Provision in
respect of prior
years (2014 and
earlier)
4
Less net paid
claims (£'000)
(9,034) (9,163) (10,861) (9,686) (9,571) (10,562) (8,013) (12,451) (6,697) (5,876) (91,914)
Net claims
reserves
(unearned)
— — — 2,967 — 100 206 991 2,651 9,520 16,439
Less unearned
portion of ultimate
losses (£'000)
— — — — — — — — (81) (3,852) (3,933)
Net claims
reserves
(£'000)
— — — 2,967 — 100 206 991 2,570 5,668 12,506
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
39
16 Creditors arising out of direct reinsurance operations
2024 2023
£'000 £'000
Due within year 3,896 6,714
Due after one year — —
3,896 6,714
17 Other creditors
2024 2023
£'000 £'000
Amounts due to group undertakings 3,092 4,000
3,092 4,000
The above other creditors balances are payable within one year.
18 Subsequent events
The proposed distribution to members is disclosed in note 8.
19 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 members’ underwriting liabilities. The level of FAL that Lloyd’s requires a
member to maintain is determined by Lloyd’s based on Prudential Regulatory Authority requirements and
resource criteria. The determination of FAL has regard to 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
20 Changes in accounting policies - presentation
The 2023 syndicate accounts were prepared in line with the relevant accounting standards and regulatory
requirements and received an unqualified audit opinion from the Syndicate’s auditor. However, the
managing agent has voluntarily elected to enact certain changes in accounting policy relating to the
presentation of various items in the financial statements for this syndicate for the year ended 31 December
2024. The changes are intended to align the presentation of the syndicate’s accounts with the proforma
disclosures set out by Lloyd's during the year as part of their effort to rationalise and standardise reporting
across the Lloyd’s market. These changes have been applied on a retrospective basis and have no impact
on the measurement of assets or liabilities, reported profit or the combined ratio. Further details have
been included below. This has impacted certain comparative notes also.
Cash flow statement – presentation and classification
The managing agent has elected to change the presentation and classification of several lines within the
cash flow statement in order to align with the proforma disclosures set out by Lloyd’s. These changes can
be summarised as follows:
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
40
20 Changes in accounting policies - presentation continued
• Several lines are now combined under a single heading (Movement in other assets/liabilities)
where previously these were presented separately
• Purchases and sales of equities are now presented separately where historically these have been
combined.
• Foreign exchange amounts have been reclassified from investing to operating activities and
presented separately.
• Transfer from/to members in respect of underwriting operations has been disaggregated where
previously the total movement was presented under one line.
Statement of cash flows
Previously disclosed Adjustment Restated
31-Dec-23
$'000 $'000 $'000
Increase/decrease in debtors, prepayments and
accrued income
4,857 95 4,952
Increase in net technical provisions 1,784 (1,784) —
Increase/(decrease) in gross technical provisions — 3,154 3,154
(Increase)/decrease in reinsurers' share of gross
technical provisions
— (1,370) (1,370)
Increase/decrease in deferred acquisition costs 79 (79) —
Increase/decrease in creditors, accruals and deferred
income
(3,527)
(72) (3,599)
Movement in other assets/liabilities
— 55 55
Foreign exchange — 77 77
Net cash flows from operating activities 3,966 76 4,042
Net purchase of investments 140 (140) —
Purchase of equity and debt securities
—
(8) (8)
Sale of equity and debt securities
— 72 72
Total impact on net cash flow from investing activities
— —
Net cash flows from investment activities 483 (76) 407
Transfer to/from members in respect of underwriting
participations
(1,394) 1,394 —
Distribution of profit — (1,394) (1,394)
Other
—
— —
Net cash flows from financing activities (1,394) — (1,394)
Total impact on net increase/decrease in cash
and cash equivalents
3,055 — 3,055
Total impact on net increase/decrease in cash
and cash equivalents
13,774 — 13,774
21 Foreign exchange rates
The syndicate used the following exchange rates to translate foreign currency assets, liabilities, income
and
expenses into Pound Sterling, being the syndicate’s presentational currency:
2024 2023
Start of
period
End of
period
Average
Start of
period
End of
period
Average
US Dollars 1.26 1.27 1.28 1.23 1.26 1.24
Sterling 1.00 1.00 1.00 1.00 1.00 1.00
Canadian dollars 1.71 1.80 1.74 1.68 1.71 1.67
Euro 1.16 1.21 1.18 1.16 1.16 1.15
SYNDICATE 3622
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
YEAR ENDED 31 DECEMBER 2024
41
Beazley Furlonge Limited has been the managing agent of Syndicate 3622 throughout the period covered by
this report and the registered office is 22 Bishopsgate, London EC2N 4BQ.
Directors
R A Stuchbery*
A P Cox - Chief Executive Officer and Active Underwriter
G P Blunden* - (resigned 31/03/2024)
C C R Bannister* - (resigned 31/03/2024)
A J Reizenstein*
N Wall*
L Santori*
R S Anarfi
R J Clark* - (appointed 23/05/2024)
P J Bantick - (appointed 07/06/2024)
C C J Wong - (appointed 17/09/2024)
S M Lake - (resigned 30/06/2024)
R E Quane - (resigned 04/10/2024)
* Non-executive director
Company secretary
R Yeoman
Managing agent’s registered office
22 Bishopsgate
London
EC2N 4BQ
United Kingdom
Registered number
01893407
Auditor
Ernst & Young LLP
25 Churchill Place
London
E14 5EY
Banker
Deutsche Bank AG
Winchester House
London
1 Great Winchester Street
EC2N 2DB
SYNDICATE 3622
MANAGING AGENT'S CORPORATE INFORMATION
YEAR ENDED 31 DECEMBER 2024
42
42
