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Syndicate 1084
Annual Report and Accounts 2024
Syndicate 1084
Contents
Syndicate Information 1
Underwriter’s Report 2
Managing Agent’s Report 4
Statement of Managing Agent’s Responsibilities 13
Independent Auditors' Report to the Members of Syndicate 1084 14
Statement of Comprehensive Income for the year ended 31 December 2024 18
Statement of Financial Position as at 31 December 2024 19
Statement of Changes in Members’ Balances for the year ended 31 December 2024 20
Statement of Cash Flows for the year ended 31 December 2024 21
Notes to the Accounts for the year ended 31 December 2024 22
Syndicate 1084
Syndicate Information
1
Directors of the Managing Agent
D C Bendle (resigned 30 October 2024) Chief Operating Officer
R J Callan (resigned 31 March 2024) Chief Financial Officer & Chief Executive Officer
J Faure Senior Independent Non-Executive Director
P A Jardine Chairman and Independent Non-executive Director
R T Milner (appointed 20 May 2024) Chief Executive Officer
A C Pearce Independent Non-Executive Director
H D Spink (appointed 29 November 2024) Chief Operating Officer
N J Stacey Chief Underwriting Officer
Z Wang (resigned 17 December 2024) Group Non-Executive Director
L S Watkins Independent Non-Executive Director
J Wright (appointed 1 April 2024) Chief Financial Officer
Dr H Zuo Group Non-Executive Director
Managing Agent’s company secretary
R N Barnett
Managing Agent’s registered office
52 Lime Street
London
EC3M 7AF
Managing Agent’s registered number
00184915
Managing Agent's independent auditors
KPMG LLP
15 Canada Square
London
E14 5GL
Syndicate active underwriter
K Hunt
Syndicate bankers
The custodians of the Syndicate’s investment funds are:
Citibank N.A.
Royal Bank of Canada
Syndicate investment managers
Goldman Sachs Asset Management International
China Re Asset Management (Hong Kong) Company Limited
Syndicate independent auditors
KPMG LLP
15 Canada Square
London
E14 5GL
Syndicate 1084
Underwriter’s Report
2
Results and performance
The profit for the year is $336.1m (2023: $355.5m), and the combined ratio is 85.6% (2023: 83.3%).
Syndicate 1084’s (the Syndicate) key performance indicators during the year were as follows:
2024
2023
$000
$000
Gross written premium
2,384,759
2,110,337
Net written premium
1,829,484
1,625,429
Net earned premium
1,722,572
1,515,976
Underwriting result
248,882
252,454
Investment return
102,456
116,551
Technical profit for the financial year
351,338
369,005
Non-technical account for the financial year
(15,250)
(13,484)
Profit for the financial year
336,088
355,521
Combined ratio
85.6%
83.3%
Amount due to member
(153,212)
(163,711)
Premiums
For 2024, gross written premium totalled $2,384.8m (2023: $2,110.3m), an increase of $274.5m (13%)
compared to the prior year.
2024 saw another year of notable growth as favourable trading conditions persisted.
US Casualty Reinsurance classes benefitted from material risk adjusted rate increases in response to market-
wide adverse reserve development, and Property Reinsurance classes continued to achieve loss-driven risk
adjusted rate rises, although more subdued than in recent years. Conditions became selectively more
challenging in the Insurance classes, given the cumulative positive rate increases in the last few years,
however price adequacy remained in most lines with terms and conditions generally meeting appetite. This
increase was marginally offset by the prior year containing an element of income in respect of Casualty and
Aviation classes which the Syndicate chose to strategically exit and a reduction in current year Cyber
Reinsurance income due to non-renewals following imposition of war clause restrictions.
Analysis of the gross written premiums by class of business is presented in Note 3: Segmental Analysis in the
notes to the annual accounts.
Net written premiums increased to $1,829.5m in 2024 (2023: $1,625.4m) and net earned premiums to
$1,722.5m (2023: $1,515.9m), with the year-on-year increases consistent with the respective increases in
gross volumes as Syndicate reinsurance protections were substantially unchanged.
Underwriting result
Comparable to 2023, the underwriting result for 2024 is a profit of $248.9m (2023: $252.5m), resulting in a
combined ratio of 85.6% (2023: 83.3%).
The increase in the combined ratio is driven by catastrophe loss experience being marginally more adverse to
the prior year due to an increased frequency of smaller cat losses, and less favourable prior year development,
principally due to strengthening reserves held for potential losses arising from the Russian invasion of Ukraine.
The most notable catastrophe losses in 2024 were from the flooding in Dubai, Hurricanes Milton and Helene,
Typhoon Yagi and hailstorms in Calgary, Canada. A reserve was also booked in 2024 for potential losses
related to the collapse of the Francis Scott Key Bridge in Baltimore, US. Notable Catastrophe events resulting
in losses in 2023 were Cyclone Gabrielle, NZ Floods, the Israel/Gaza conflict and Hawaii Wildfires.