Important information about Syndicate Reports and Accounts

Access to this document is restricted to persons who have given the certification set forth

below.

If this document has been forwarded to you and you have not been asked to give the

certification, please be aware that you are only permitted to access it if you are able to give

the certification.

The syndicate reports and accounts set forth in this section of the Lloyd’s website, which

have been filed with Lloyd’s in accordance with the Syndicate Accounting Byelaw (No. 8

of 2005), are being provided for informational purposes only.

The syndicate reports and

accounts have not been prepared by Lloyd’s, and Lloyd’s has no responsibility for their

accuracy or content.

Access to the syndicate reports and accounts is not being provided for

the purposes of soliciting membership in Lloyd’s or membership on any syndicate of Lloyd’s,

and no offer to join Lloyd’s or any syndicate is being made hereby.

Members of Lloyd’s are

reminded that past performance of a syndicate in any syndicate year is not predictive of the

related syndicate’s performance in any subsequent syndicate year.

You acknowledge and agree to the foregoing as a condition of your accessing the syndicate

reports and accounts.

You also agree that you will not provide any person with a copy

of any syndicate report and accounts without also providing them with a copy of this

acknowledgement and agreement, by which they will also be bound.

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SYNDICATE 0727

KEY INFORMATION

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RESULTS – 2022 ACCOUNT

FORECAST – 2023 ACCOUNT

CAPACITY

SYNDICATE FUNDS – Syndicate’s position as at 31 December 2024

OUTLOOK – 2024 ACCOUNT

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SYNDICATE 0727

ACTIVE UNDERWRITER’S REPORT

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REVIEW OF YEAR OF ACCOUNT

RESULTS AND PROSPECTS

The Closed 2022 Account

The Open 2023 Account

The Open 2024 Account

Prospects for the 2025 Account

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ACTIVE UNDERWRITER’S REPORT

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REVIEW OF YEAR OF ACCOUNT

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SYNDICATE 0727

2009

2010

2011

2012

2013

2014

2015

£

£

£

£

£

£

£

Syndicate allocated capacity

73,789,097

78,814,031

79,821,684

79,587,725

80,055,342

80,688,382

80,696,220

Number of Members of the Syndicate

789

790

792

795

815

820

819

Aggregate net premiums

59,509,108

59,102,713

64,602,432

61,713,904

57,826,174

48,027,674

49,724,787

Results for £10,000 share

Gross premiums

8,273

7,544

8,316

7,924

7,347

6,005

6,229

Net premiums

8,061

7,405

8,093

7,754

7,223

5,952

6,162

Premium for the reinsurance to close

an earlier year of account

23,711

22,628

21,878

21,987

23,005

23,716

27,617

Net claims

(5,461)

(5,817)

(6,209)

(5,761)

(4,941)

(4,489)

(5,294)

Reinsurance to close the year of account

(Note 4)

(24,312)

(22,783)

(22,235)

(22,280)

(22,750)

(23,185)

(27,628)

Underwriting result

1,999

1,433

1,527

1,701

2,537

1,995

857

Syndicate operating expenses

(550)

(560)

(613)

(583)

(556)

(514)

(524)

Balance on technical account

1,449

873

914

1,118

1,981

1,481

333

Profit/(Loss) on exchange

117

(151)

125

97

(45)

362

290

Investment income less investment expenses

and charges and investment gains less losses

382

750

380

325

179

466

457

Profit/(Loss) before personal expenses

1,948

1,472

1,419

1,540

2,115

2,309

1,080

Illustrative profit commission

(271)

(200)

(244)

(284)

(397)

(438)

(192)

Illustrative personal expenses

(142)

(137)

(140)

(120)

(132)

(121)

(123)

Total standard personal expenses

(413)

(337)

(384)

(404)

(529)

(559)

(315)

Profit/(Loss) after standard personal

expenses

1,535

1,135

1,035

1,136

1,586

1,750

766

FOURTEEN YEAR SUMMARY OF RESULTS

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SYNDICATE 0727

2016

2017

2018

2019

2020

2021

2022

£

£

£

£

£

£

£

Syndicate allocated capacity

80,569,329

80,634,666

80,484,967

80,554,452

84,553,757

84,767,486

88,888,139

Number of Members of the Syndicate

801

794

794

790

779

762

742

Aggregate net premiums

51,455,941

50,157,785

54,092,327

54,345,633

70,185,218

73,021,104

86,708,022

Results for £10,000 share

Gross premiums

6,449

6,278

6,785

6,845

8,410

8,695

9,866

Net premiums

6,387

6,220

6,721

6,746

8,301

8,614

9,755

Premium for the reinsurance to close an

earlier year of account

25,969

27,000

26,369

26,258

25,048

27,273

26,774

Net claims

(5,437)

(6,009)

(5,806)

(5,653)

(6,700)

(6,075)

(7,517)

Reinsurance to close the year of account

(Note 4)

(26,177)

(27,195)

(27,161)

(26,168)

(24,265)

(29,333)

(27,985)

Underwriting result

742

16

123

1,183

2,384

479

1,027

Syndicate operating expenses

(675)

(330)

(603)

(659)

(655)

(660)

(443)

Balance on technical account

67

(314)

(480)

526

1,730

(181)

584

Profit/(Loss) on exchange

215

(84)

45

2

(27)

270

(116)

Investment income less investment expenses

and charges and investment gains less losses

531

1,114

1,172

394

(910)

1,276

1,639

Profit before personal expenses

813

716

737

920

792

1,366

2,108

Illustrative profit commission

(138)

(120)

(108)

(157)

(114)

(211)

(391)

Illustrative personal expenses

(124)

(121)

(120)

(137)

(142)

(160)

(152)

Total standard personal expenses

(262)

(241)

(228)

(294)

(256)

(371)

(543)

Profit after standard personal expenses

551

475

509

627

536

995

1,565

Notes:

1

This fourteen year summary of results on this and the previous page shows the result for a £10,000 share of the Syndicate for each year of account from 2009 to 2022.

2

Gross premiums and net premiums above, are stated after brokerage and commissions.

3

The illustrative profit commission and personal expenses are estimates of amounts which might be charged on an illustrative share of £10,000 for an individual name.

4

The reinsurance premium received to close an earlier year of account is stated at the exchange rate ruling as to the year-end it transferred the liabilities into the receiving year.

The reinsurance to close the current year of account is stated at the average exchange rate for the calendar year in which it closed. The effect of translating it to the closed year

end exchange rate is included within the profit or loss on exchange.

FOURTEEN YEAR SUMMARY OF RESULTS

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2022 YEAR OF ACCOUNT

SYNDICATE UNDERWRITING

YEAR ACCOUNTS

31 DECEMBER 2024

SA MEACOCK

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SYNDICATE 0727

Report of the Directors of the Managing Agent

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Statement of Managing Agent’s Responsibilities

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Independent Auditor’s Report

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Profit and Loss Account: Technical Account

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Profit and Loss Account: Non-Technical Account

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Statement of Changes in Members’ Balances

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Balance Sheet

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Statement of Cash Flows

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Notes to the Syndicate Underwriting Year Accounts

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CONTENTS

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SYNDICATE 0727

The Managing Agent presents its Report of the Directors together with the Syndicate Underwriting Year

Accounts for the 2022 Year of Account of Syndicate 0727 for the three years ended 31 December 2024.

REVIEW OF THE 2022 YEAR OF ACCOUNT

ACTIVITIES

The principal activity of the Syndicate is that of underwriting insurance and reinsurance risks and this is

conducted wholly within the Lloyd’s market. A large percentage of the risks underwritten are located in the

USA while significant exposures are accepted in the UK and Canada with more modest exposures in many

other areas of the world. Exposures taken on through reinsurance would have a similar geographic spread with

perhaps less emphasis on the UK.

The initial stamp capacity for 2022 was £89.1m which was an increase of 5% on the previous year of account.

The business plan proposed total gross premium after brokerage and commissions of £78.8m. Gross Premiums

written after brokerage and commissions, converted to sterling at 2022 Business Plan exchange rates, were

£79.0m, 100.2% of plan. Property continues to be the largest category of direct business at 25% of the whole,

with liability, at 18% being the next largest direct business category.

Very little reinsurance was purchased, in line with our general philosophy of only accepting exposures if they are

worth keeping. That reinsurance which was purchased was largely placed with reinsurers whose security is “A”

rated by AM Best or better.

RESULTS

The profit for the 2022 year of account was £14.3m equivalent to 15.7% of the final capacity.

Within this profit, there was a profit arising from the reinsurance to close received from 2021 year of account

of £6.6m. This arose from a decrease in the estimate of 2021 and prior years’ liability reserves as a result of

favourable claims developments in 2024 and changes to the unallocated loss adjustment expense reserve. See

page 24 for a more detailed analysis of the various sources of profit and loss.

AUDITOR

PKF Littlejohn LLP has signified its willingness to continue in office as auditor.

DISCLOSURE OF INFORMATION TO AUDITOR

The Directors of the Managing Agent who held office at the date of the approval of this Report of the Directors

confirm that, so far as they are individually aware, there is no relevant audit information of which the Syndicate’s

auditor is unaware and each Director has taken all the steps that he ought to have taken as Director to make

himself aware of any relevant audit information and to establish that the Syndicate’s auditor is aware of that

information.

Approved by the Board of Directors of S A Meacock & Company Limited and signed on its behalf by:

K W Jarvis

Director

25 February 2025

REPORT OF THE DIRECTORS OF THE MANAGING AGENT

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The Managing Agent is responsible for preparing Syndicate Underwriting Year Accounts and an accompanying

Report of the Directors of the Managing Agent in accordance with applicable law, Lloyd’s Byelaws and United

Kingdom Generally Accepted Accounting Practice.

Regulation 6 of the Insurance Accounts Directive (Lloyd’s Syndicates and Aggregate Accounts) Regulations

2008 (“the 2008 Regulations”) requires the Managing Agent to prepare Syndicate Underwriting Year Accounts

for a Syndicate in respect of any underwriting year which is being closed by reinsurance to close during or at the

end of a financial year.

The Syndicate Underwriting Year Accounts must be prepared on an underwriting-year basis which give a true

and fair view of the result of the underwriting year at closure.

In preparing the Syndicate Underwriting Year Accounts, the Managing Agent is required by the Syndicate

Accounting Byelaw (No. 8 of 2005) to:

•

select suitable accounting policies which are applied consistently and where there are items which affect

more than one year of account, ensure a treatment which is equitable as between the affected Members

of the Syndicate. In particular, the amount charged by way of premium in respect of the reinsurance to

close shall, where the reinsuring Members and reinsured Members are Members of the same Syndicate for

different years of account, be equitable as between them, having regard to the nature and amount of the

liabilities reinsured;

•

take into account all income and charges relating to a closed year of account without regard to the date of

receipt or payment;

•

make judgements and estimates that are reasonable and prudent; and

•

state whether applicable accounting standards have been followed, subject to any material departures

disclosed and explained in these Financial Statements.

In preparing the Syndicate Underwriting Year Accounts, the Managing Agent is responsible for assessing the

Syndicate’s ability to realise its assets and discharge its liabilities in the normal course of business, disclosing, as

applicable, any matters that impact its ability to do so.

The Managing Agent is responsible for keeping proper accounting records which disclose with reasonable accuracy

at any time the financial position of the Syndicate and enable it to ensure that the Syndicate Underwriting Year

Accounts comply with the 2008 Regulations and the Syndicate Accounting Byelaw (No.8 of 2005). It also has

general responsibility for taking such steps as are reasonably open to it to safeguard the assets of the Syndicate

and to prevent and detect fraud and other irregularities.

Approved by the Board of Directors of S A Meacock & Company Limited and signed on its behalf by:

K W Jarvis

Director

25 February 2025

STATEMENT OF MANAGING AGENT’S RESPONSIBILITIES

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SYNDICATE 0727

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF SYNDICATE 0727 – 2022 CLOSED YEAR OF

ACCOUNT

OPINION

We have audited the syndicate underwriting year accounts of Syndicate 0727 (the ‘syndicate’) for the 2022

Year of Account for the three years ended 31 December 2024 which comprise the Profit and Loss Account, the

Statement of Changes in Members’ Balances, the Balance Sheet, the Statement of Cash Flows and Notes to

the Syndicate Underwriting Year Accounts, including significant accounting policies. The financial reporting

framework that has been applied in their preparation is applicable law, United Kingdom Accounting Standards,

including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United

Kingdom Generally Accepted Accounting Practice.

In our opinion, the syndicate underwriting year accounts:

•

give a true and fair view of the state of the syndicate’s affairs as at 31 December 2024 and of its profit for

the 2022 closed year of account for the three years 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 Lloyd’s Syndicate Accounting Byelaw (No.8

of 2005).

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable

law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the

audit of the syndicate underwriting year 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 underwriting year

accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities

in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

OTHER MATTER

This report may be included within a document to which iXBRL tagging has been applied. This auditors’

report provides no assurance over whether the iXBRL tagging has been applied in accordance with the Lloyd’s

Syndicate Accounts Instructions.

EMPHASIS OF MATTER – CLOSURE OF 2022 YEAR OF ACCOUNT

We draw attention to the Basis of Preparation at Note 1.2 which explains that the 2022 year of account of

Syndicate 0727 has closed and all assets and liabilities transferred to the 2023 year of account by reinsurance to

close at 31 December 2024.

As a result, the 2022 year of account of Syndicate 0727 is no longer a going concern. The reinsurance to close

occurs in the normal course of business for a syndicate year of account at the 36-month stage of development

and the syndicate underwriting year accounts have been prepared on the basis that the recorded assets and

liabilities will be realised and discharged in the normal course of business.

Our opinion is not modified in respect of this matter.

EMPHASIS OF MATTER – REINSURANCE TO CLOSE (RITC)

We draw your attention to Note 6 of the syndicate underwriting year of accounts which describes the

composition of the Reinsurance to Close (“RITC”). The syndicate has throughout its history underwritten a

large portfolio of US liability business which has potential for latent claims to emerge for many years after the

risk was underwritten. This together with the limited extent of reinsurance purchased, increases the risk that

the ultimate level of future claims may vary significantly from the amount at which the RITC has been set.

The RITC selected is significantly in excess of the actuary’s best estimate to reflect this uncertainty. However,

INDEPENDENT AUDITOR’S REPORT

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INDEPENDENT AUDITOR’S REPORT

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2022 YEAR OF ACCOUNT CLOSED AT 31 DECEMBER 2024

should significant latent losses emerge the reserves may be insufficient to fully provide for such development.

Conversely, if the more recent benign patterns of claims developments continues, the claims provision may

prove to be in excess of the ultimate cost.

Our opinion is not modified in respect of this matter.

The other information comprises the information included in the report and accounts, other than the syndicate

underwriting year accounts and our auditor’s report thereon. The managing agent is responsible for the other

information contained within the report and accounts. Our opinion on the syndicate underwriting year accounts

does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do

not express any form of assurance conclusion thereon. Our responsibility is to read the other information and,

in doing so, consider whether the other information is materially inconsistent with the syndicate underwriting

year 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 underwriting year accounts

themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this

other information, we are required to report that fact.

We have nothing to report in this regard.

We have nothing to report in respect of the following matters where the Lloyd’s Syndicate Accounting Byelaw

(No.8 of 2005) requires us to report to you if, in our opinion:

•

the managing agent has not kept proper accounting records in respect of the syndicate; or

•

the syndicate underwriting year accounts are not in agreement with the accounting records.

As explained more fully in the Statement of Managing Agent’s Responsibilities, the managing agent is responsible

for the preparation of the syndicate underwriting year 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 syndicate underwriting year accounts that are free from material misstatement, whether due to fraud or error.

In preparing the syndicate underwriting year accounts, the managing agent is responsible for assessing the

syndicate’s ability to continue to write new business, disclosing, as applicable, matters related to its ability to

continue as a going concern and using the going concern basis of accounting, unless the managing agent intends

to cease to operate the syndicate or has no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the syndicate underwriting year 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

underwriting year accounts.

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INDEPENDENT AUDITOR’S REPORT

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2022 YEAR OF ACCOUNT CLOSED AT 31 DECEMBER 2024

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2022 YEAR OF ACCOUNT CLOSED AT 31 DECEMBER 2024

USE OF OUR REPORT

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2022 YEAR OF ACCOUNT CLOSED AT 31 DECEMBER 2024

2022

YEAR OF

ACCOUNT

. . . . . . . . .

NOTE

£’000

£’000

Syndicate Allocated Capacity

Earned Premiums, Net of Reinsurance:

Net premiums written

Reinsurance to Close Premiums Received, Net of Reinsurance

Allocated Investment Return Transferred from the

Non-Technical Account

Claims Incurred, Net of Reinsurance

Reinsurance to Close Premiums Payable, Net of Reinsurance

Net Operating Expenses

Balance on the Technical Account – for General Business

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PROFIT AND LOSS ACCOUNT

NON-TECHNICAL ACCOUNT

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2022 YEAR OF ACCOUNT CLOSED AT 31 DECEMBER 2024

STATEMENT OF CHANGES IN

MEMBERS’ BALANCES

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BALANCE SHEET

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AT 31 DECEMBER 2024

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STATEMENT OF CASH FLOWS

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2022 YEAR OF ACCOUNT CLOSED AT 31 DECEMBER 2024

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SYNDICATE 0727

1.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

General Information

1.1 General Information and Principal Activities

Syndicate 0727 is a Lloyd’s Syndicate domiciled in England and Wales. It is managed by S A Meacock & Company Limited

a private company limited by shares that is incorporated in England and whose registered office is Hasilwood House, 60

Bishopsgate, London EC2N 4AW.

The Syndicate underwrites a diverse book of general insurance and reinsurance business from around the world as part of

the Lloyd’s of London insurance market. This activity is carried out primarily from a box in the Lloyd’s Building in London

and from nearby offices.

The Syndicate is supported by capacity from connected and third-party members.

1.2 Basis of Preparation and Compliance with Accounting Standards

These Syndicate Underwriting Year Accounts have been prepared in accordance with United Kingdom Accounting Standards,

including both FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and FRS 103

“Insurance Contracts” to the extent necessary to produce a true and fair view of the result, as well as the Insurance Accounts

Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and the Syndicate Accounting Byelaw (No.8 of 2005).

The Syndicate Underwriting Year Accounts have been prepared on the historical cost basis, except for financial assets at fair

value through the profit or loss.

These Syndicate Underwriting Year Accounts (‘Accounts’) represent the participation of members in the 2022 Year

of Account which closed as at 31 December 2024. The accumulated profits of the 2022 Closed Year of Account will be

distributed shortly after publication of these Accounts. Therefore the 2022 Year of Account is not continuing to trade and,

accordingly, the Directors have not adopted the going concern basis of preparation of these Accounts. The amounts reported

would be identical if the accounts had been prepared on a going concern basis as the 2021 Year of Account will be closed by

payment of a Reinsurance to Close Premium, as outlined in Note 1.3 (e) below, which is consistent with the normal course

of business for a Lloyd’s Syndicate and with the approach applied to earlier underwriting years.

The basis on which the Syndicate Underwriting Year Accounts are prepared is consistent with the Managing Agent’s

assessment that the Syndicate will be able to realise its assets and discharge its liabilities in the normal course of business.

This assessment takes into consideration that the Syndicate is continuing to underwrite for the 2025 year of account.

The Syndicate Underwriting Year Accounts are presented in Pounds Sterling which is also the Syndicate’s functional currency.

Members participate on a Syndicate by reference to a year of account and each Syndicate year of account is a separate

annual venture. These Syndicate Underwriting Year Accounts relate to the 2022 year of account which has been closed by

reinsurance to close into the 2023 year of account of Syndicate 0727 at 31 December 2024. Consequently, the Balance Sheet

represents the assets and liabilities of the 2022 year of account and the Profit and Loss Account and the Statement of Cash

Flows reflect the transactions for that year of account during the 36 months period until closure.

As each Syndicate year of account is a separate annual venture, comparatives do not exist and are therefore not included in

these accounts.

Significant Accounting Policies

1.3 Underwriting Transactions

Each account is normally kept open for three years and the underwriting result is ascertained at the end of the third year

when the account is closed, normally by reinsurance to close into the following year of account. The accounts include

transactions on the following bases:

(a)

Gross premiums are allocated to years of account on the basis of the policy inception date. Policies written under binding

authorities, lineslips or consortium arrangements are allocated to the year of account into which the arrangement

incepts. Additional and return premiums and claims are allocated to the year of account to which the related premiums

are allocated. Commissions or brokerage charged to the Syndicate are allocated to the same year of account as the

relevant policy. Premiums are shown gross of brokerage payable and exclude taxes and duties levied on them.

NOTES TO THE SYNDICATE

UNDERWRITING YEAR ACCOUNTS

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NOTES TO THE SYNDICATE

UNDERWRITING YEAR ACCOUNTS

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2022 YEAR OF ACCOUNT CLOSED AT 31 DECEMBER 2024

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

1.4 Financial assets and financial liabilities

(a)

Classification

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NOTES TO THE SYNDICATE

UNDERWRITING YEAR ACCOUNTS

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2022 YEAR OF ACCOUNT CLOSED AT 31 DECEMBER 2024

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SYNDICATE 0727

1.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(g)

Impairment of financial instruments measured at amortised cost or cost

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying

amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate,

i.e. using the effective interest method.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount

and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring

after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed

on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying

amount higher than the carrying value had no impairment been recognised. The amount of the reversal is recognised in

profit and loss immediately.

(h)

Offsetting

Debtors/creditors arising from insurance/reinsurance operations shown in the balance sheet include the totals of all

outstanding debit and credit transactions as processed by the Lloyd’s central facility. No account has been taken of any offsets

which may be applicable in calculating the net amounts due between the Syndicate and each of its counterparty insureds,

reinsurers or intermediaries as appropriate.

1.5

Investment Return

The gross investment return comprises investment income, realised investment gains and losses and movements in unrealised

gains and losses, net of investment expenses and charges. Investment return arising in each calendar year is allocated to years

of account in proportion to the average funds available for investment attributable to those years. Investment returns in

respect of overseas deposits are allocated to the year of account which funded these deposits.

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.

1.6

Syndicate Operating Expenses

Costs incurred by the Managing Agent in respect of the Syndicate are charged to the Syndicate. Where expenses do not relate

to any specific year of account they are apportioned between years of account on bases which reflect the benefit obtained

by each year of account from each type of expense. Where expenses are incurred jointly by the Managing Agent and the

Syndicate, they are apportioned on bases that are considered to fairly reflect the nature and usage of the expense concerned.

1.7

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 income tax 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. It is the responsibility of Members to agree and settle their

individual tax liabilities with the Inland Revenue.

No provision has been made for any United States Federal Income Tax or any overseas tax payable on the underwriting

results or investment earnings. Members resident overseas for tax purposes are responsible for agreeing and settling any tax

liabilities with the taxation authorities of their country of residence.

NOTES TO THE SYNDICATE

UNDERWRITING YEAR ACCOUNTS

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23

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SYNDICATE 0727

1.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

1.8

Basis of Currency Translation

The Syndicate has Pounds Sterling as its functional and presentation currency.

Income and expenditure in US dollars and Canadian dollars are translated at average rates of exchange for each calendar year

as an equivalent of transaction rates. The exception to this is that the reinsurance to close receivable has been translated at the

transaction rates of exchange ruling at the effective dates of the contracts. Underwriting transactions denominated in other

foreign currencies are included at the rate of exchange ruling at the date the transaction is processed.

Although transactions are translated as described above the monetary assets and liabilities, including any unearned premiums

or deferred acquisition costs, within the balance sheet in US dollars and Canadian dollars are translated at the rates of

exchange ruling on 31 December 2024. Any differences are included within the profit or loss on exchange account in the

Non-Technical Account. Any non-monetary assets or liabilities are retained at their original exchange rate.

Where US dollars or Canadian dollars are sold or bought relating to the profit or loss of a closed underwriting account after

31 December 2023, any exchange profit or loss arising is reflected in the underwriting account into which the liabilities of

that year have been reinsured. Where United States Dollars are transferred to or from Members any exchange profit or loss

accrues to those Members.

1.9

Key Accounting Judgements and Estimation Uncertainties

The key accounting judgements, assumptions and estimates made in the preparation of these Underwriting Year Accounts

are those relating to the determination of the Reinsurance to Close to transfer all assets and liabilities from the 2022 Year of

Account to the 2023 Year of Account. However, as this amount has been contractually committed to since the year-end there

can be no further change to the amount in respect of the 2022 Year of Account.

The accounting policy for the Reinsurance to Close is described at 1.3(e) and the related risks relating to the underlying net

technical provisions that it transfers are described at Note 2.2 (c) on pages 56 to 60 within the Syndicate Annual Accounts.

The Reinsurance to Close for net technical provisions after the reinsurers’ share is £250.9m. The most uncertain element

within these technical provisions is the amount for claims outstanding which covers amounts where either a claim event has

occurred but the Syndicate has not yet been notified or where there has been insufficient information to date to be certain

regarding its ultimate cost. An analysis of the Reinsurance to Close for net technical provisions after the reinsurers’ share

including disclosure of the provision for Incurred But Not Reported (“IBNR”) after potential related reinsurance recoveries

is shown at Note 6.

2.

RISK AND CAPITAL MANAGEMENT

Since 31 December 2024 a Reinsurance to Close has been completed which transferred all assets and liabilities from the

2022 year of account to the 2023 year of account. Any change in value of the assets or liabilities or further transactions after

31 December 2024 will be borne by the 2023 year of account. The 2022 year of account therefore bears no further risk and

accordingly no disclosures relating to risks are disclosed in these Underwriting Year Accounts. The risks remain within the

Syndicate and are borne by the 2023 and subsequent years of account and are disclosed in the Syndicate Annual Accounts

on pages 31 to 83 and in particular within Note 2.2 (c) on Risk Management on pages 56 to 60.

The basis on which capital is managed by the Syndicate in accordance with the requirements of the Society of Lloyd’s and

the Prudential Regulation Authority is also described within the Syndicate Annual Accounts within Note 17 on Regulatory

Capital Management on page 80.

NOTES TO THE SYNDICATE

UNDERWRITING YEAR ACCOUNTS

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24

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SYNDICATE 0727

3.

ANALYSIS BY CLASS OF BUSINESS

An analysis of the underwriting result before investment return for the three years ended 31 December 2024 is set out below:

GROSS

PREMIUMS

WRITTEN

& EARNED

GROSS

CLAIMS

INCURRED

GROSS

OPERATING

EXPENSES

REINSURANCE

BALANCE

TOTAL

TECHNICAL

RESULT

2022 YEAR OF ACCOUNT

£’000

£’000

£’000

£’000

£’000

Direct Insurance

Accident and health

2,729

(2,347)

(1,038)

(56)

(712)

Motor (third party liability)

1,203

(1,157)

(125)

–

(79)

Motor (other classes)

11,380

(6,353)

(5,103)

–

(76)

Marine aviation and transport

4,121

(1,808)

(1,609)

–

704

Fire and other damage of property

29,820

(17,815)

(10,729)

(8)

1,268

Third Party Liability

21,626

(16,014)

(8,248)

–

(2,636)

Credit and Suretyship

1,486

(529)

(755)

–

202

Legal Expenses

–

–

–

–

–

Assistance

–

–

–

–

–

72,365

(46,023)

(27,607)

(64)

(1,329)

Reinsurance Acceptance

45,419

(21,338)

(10,822)

(391)

12,868

117,784

(67,361)

(38,429)

(455)

11,539

Reinsurance to Close received

238,976

–

–

(987)

237,989

Legal Expenses

–

–

–

–

–

Assistance

–

–

–

–

–

Reinsurance to Close payable

–

(249,293)

–

542

(248,751)

Total

356,760

(316,654)

(38,429)

(900)

777

4.

GEOGRAPHICAL ORIGIN OF GROSS DIRECT PREMIUMS WRITTEN

All contracts of insurance were concluded in the United Kingdom.

5.

REINSURANCE TO CLOSE PREMIUMS RECEIVED, NET OF REINSURANCE

OUTSTANDING

CLAIMS

REPORTED

IBNR

2022

YEAR OF

ACCOUNT

TOTAL

£’000

£’000

£’000

Gross reinsurance to close premiums received

45,078

192,022

237,100

Reinsurance recoveries anticipated

(3,031)

(5,025)

(8,056)

42,047

186,997

229,044

Provision for internal claims administration expenses

8,945

At 1 January 2024 exchange rate

237,989

IBNR is the provision for claims incurred but not reported.

The value of the RITC received at the 2024 average exchange rate was £236,080,731

NOTES TO THE SYNDICATE

UNDERWRITING YEAR ACCOUNTS

........

.

25

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SYNDICATE 0727

6.

REINSURANCE TO CLOSE PREMIUMS PAYABLE NET OF REINSURANCE

OUTSTANDING

CLAIMS

REPORTED

IBNR

TOTAL

£’000

£’000

£’000

Gross reinsurance to close premiums payable

44,606

205,969

250,575

Reinsurance recoveries anticipated

(4,076)

(6,130)

(10,206)

40,530

199,839

240,369

Provision for internal claims administration expenses

8,382

At 2024 calendar year average exchange rate

248,751

Adjustments to year-end foreign exchange rates

2,099

At 31 December 2024 exchange rate

250,850

Continuing to use 31 December 2024 exchange rates, this number is made up of anticipated claims settlements of £252.8m

and anticipated recoveries from reinsurers of £10.4m, but does not include the charge of £4.5m for estimated future return

premium which has been allowed for in arriving at the gross written premium figure of £99.4m. Including the £8.4m reserve

against future claims handling costs, total value of all future liabilities of the 2022 and prior years of account has been

reserved at £250.8m. This compares to the RITC of the 2021 Account, £238.0m.

As detailed in note 2.2 (c) to the Syndicate Annual Accounts, the syndicate adopts an approach to claims reserving that

is above the actuary’s best estimate, primarily to allow for the future emergence of latent losses on its long tail US liability

business, as has happened in the past. The excess above best estimate within the RITC paid by 2022 Year of Account is

£115.5m and the excess received from the 2021 Year of Account was £100.4m. The amount shown above as the Reinsurance

to Close premium payable for closing the 2022 year of account into the 2023 year of account of Syndicate 0727 as at 31

December 2024 was subsequently approved by the Board of S A Meacock & Company Limited on 30 January 2025.

The table of the development of ultimate claims over the last ten years is shown within Note 4 to the Syndicate Annual

Accounts for the year ended 31 December 2024.

Reconciliation of Reinsurance to Close premiums

received to Reinsurance to Close premiums payable

GROSS

CLAIMS

REINSURERS’

SHARE

TOTAL

£’000

£’000

£’000

Reinsurance to Close Received at 1-1-24 (Note 5)

246,045

(8,056)

237,989

Claims paid in relation to 2021 and prior

(22,279)

494

(21,785)

Change in provision for 2021 and prior claims

3,558

(1,539)

2,019

Effect of movements in exchange rates

(4,388)

(153)

(4,541)

Reinsurance to Close Payable for 2021 and prior at 31-12-24

222,936

(9,254)

213,682

Provision for claims in relation to 2022 pure

38,264

(1,096)

37,168

Reinsurance to Close Payable for 2022 and prior at 31-12-24

261,200

(10,350)

250,850

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26

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SYNDICATE 0727

7.

NET OPERATING EXPENSES

2022

YEAR OF

ACCOUNT

£’000

Brokerage and commissions

30,090

Other acquisition costs

1,121

Acquisition costs

31,211

Administrative Expenses

7,218

38,429

Included within administrative costs above are the following:

Auditors’ remuneration – audit related services

228

Auditors’ remuneration

– other reports to Regulators

–

Standard personal expenses (excluding Members’ agents’ fees)

4,405

8.

BALANCE ON THE TECHNICAL ACCOUNT BEFORE NET OPERATING EXPENSES AND ALLOCATED INVESTMENT RETURN

AND AFTER BROKERAGE AND COMMISSIONS

2021

& PRIOR

YEARS

OF ACCOUNT

2022

PURE

YEAR OF

ACCOUNT

TOTAL

2021

£’000

£’000

£’000

Technical account balance before allocated investment return and net

operating expenses

6,604

32,613

39,217

Brokerage and commission on gross premium (Note 7)

–

(30,090)

(30,090)

Balance after brokerage and commissions

6,604

2,523

9,127

6,604

2,523

9,127

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.

27

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SYNDICATE 0727

9.

INVESTMENT RETURN

2022

YEAR OF

ACCOUNT

£’000

Income from investments

12,497

Gains on realisation of investments

1,950

Investment Income

14,447

Losses on realisation of investments

(5,699)

Investment expenses and charges

(5,699)

Unrealised gains on investments

5,871

Unrealised losses on investments

(46)

Net unrealised gains on investments

5,825

Allocated investment return transferred to the Technical Account from the Non-Technical Account

14,573

The above is comprised of:

Interest and dividend income from financial assets at fair value through profit or loss

7,554

From financial instruments designated as held to maturity

4,943

Net realised and unrealised gains and losses from financial assets at fair value through profit or loss

2,076

Total Investment Return

14,573

10.

INVESTMENTS

MARKET

VALUE

2022

YEAR OF

ACCOUNT

COST

£’000

£’000

Financial assets at fair value through profit or loss:

Shares and other variable yield securities and unit trusts

37,684

37,719

Debt securities and other fixed income securities

217,817

227,200

255,501

264,919

Fair value hierarchy

The above financial instruments carried at fair value have been classified by valuation method into three levels based on

the reliability of inputs used in determining fair values, with Level 1 being the most reliable. The three levels are as follows:

Level 1: The unadjusted quoted prices in an active market for identical assets or liabilities that the entity can access at the

measurement date.

Level 2:

Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data), for

the asset or liability, either directly or indirectly.

Level 3:

Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

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28

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SYNDICATE 0727

10.

INVESTMENTS (CONTINUED)

LEVEL 1

LEVEL 2

LEVEL 3

2022

YEAR OF

ACCOUNT

TOTAL

£’000

£’000

£’000

£’000

Financial assets at fair value through profit or loss:

Shares and other variable yield securities and units in

unit trusts

–

36,756

928

37,684

Debt securities and other fixed income securities

217,817

–

–

217,817

217,817

36,756

928

255,501

LEVEL 1

LEVEL 2

LEVEL 3

2022

YEAR OF

ACCOUNT

TOTAL

£’000

£’000

£’000

£’000

Overseas deposits included in Other Assets:

Loans and deposits with credit institutions

412

5,025

–

5,437

412

5,025

–

5,437

Additional details about the methods and assumptions used to determine the fair value of the financial investments are given

in Note 1.4 of these Syndicate Underwriting Year Accounts and Note 1.12 of the Syndicate Annual Accounts for the year

ended 31 December 2024 on pages 20 to 22 and pages 52 to 53 respectively.

11.

DEBTORS

2022

YEAR OF

ACCOUNT

£’000

Arising out of direct insurance operations:

Intermediaries

–

Arising out of reinsurance operations

Other debtors

3,038

3,038

All amounts are due within one year.

12.

CREDITORS

2022

YEAR OF

ACCOUNT

£’000

Provision for other risks and charges

460

Creditors arising out of direct insurance operations

4,307

Other creditors

3,064

Financial liabilities at amortised cost

7,831

The other creditors amounting to £3.062m, include profit commission payable to the syndicate’s Managing Agent of £3.055m

All amounts are payable within one year.

NOTES TO THE SYNDICATE

UNDERWRITING YEAR ACCOUNTS

........

.

29

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SA MEACOCK

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SYNDICATE 0727

13.

RELATED PARTIES

(a)

S A Meacock and Company Limited (the company) is a Managing Agent which has managed Syndicate 0727 since

1 January 1997 with standard agency terms as follows:-

FEE

£’000’s

PROFIT

COMMISSION

£’000’s

2022

0.75%

667

20%*

3,055

Profit commission is not charged to staff, Executive Directors of the company or Meacock LLP.

*

The profit commission rate chargeable is the result of the current and prior six years expressed as a percentage of

capacity:

7.5% or greater

20%

Less than 7.5%

17.5%

(b)

Certain expenses amounting to £3,753,405 were incurred by the company and then recharged to the Syndicate.

(c)

The balance due to the company at 31 December 2024 was £3,054,956, in respect of profit commission.

(d)

In 2006 Meacock LLP was formed to enable Executive Directors and staff to participate in the Syndicate. Directors’

participations are included in Note 13(e) below. For 2022, the aggregate capacity of the Meacock LLP was £2,817,426.

(e)

The combined Syndicate participations of the Directors and staff of the Managing Agent, both as individual names

(unlimited and Nameco) and through the Meacock LLP, are shown below:

2022 ACCOUNT

. . . . . . . . . . . . . . . . .

£’000’s

% OPL

M P Bartlett

156

100

N N S Ford (Retired 30 June 2023)

445

100

K W Jarvis

572

100

D J Jones

254

100

J M Meacock

551

42

M J Meacock (Deceased)

6,403

63

A Taylor

1,147

100

G J Thompson (Appointed 1 July 2023)

104

100

D A Thorp

481

100

Meacock LLP (other than those shown above, both current and former staff)

727

100

None of these participations were through a MAPA and none has been protected by personal stop loss arrangements.

Standard terms have been applied to them with the exception that profit commission has not been charged to staff,

Executive Directors of the company or Meacock LLP.

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30

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SYNDICATE 0727

13.

RELATED PARTIES (CONTINUED)

(f)

Meacock Capital plc (MC) which has a total issued share capital of 5,295,146 ordinary 25 pence shares owns 100% of

Meacock Underwriting Limited (MU) which participated on Syndicate 0727 on standard terms and with the following

capacity:

£

2022

15,156,862

The following Directors or connected persons held shares in MC:

2022

ORD. 25P

% SHARE CAP

C N Jarvis (wife of K W Jarvis)

100,500

1.90

C E Meacock

529,000

9.99

J M Meacock

529,000

9.99

J W S Meacock

529,000

9.99

M J Meacock (Deceased)

1,411,509

26.66

W T R Meacock

529,000

9.99

D A Thorp

56,000

1.06

A Taylor

50,000

0.94

(g)

Mr W T R Meacock, was appointed a Director of Meacock Capital plc and Meacock Underwriting Limited on

1 October 2010. He is also a Director of Guy Carpenter & Company LLC, a Marsh McLennan company, which does

place business with Syndicate 0727. Mr W T R Meacock is not personally involved in the placing of any business with

Syndicate 0727 and does not receive any form of direct remuneration or commission for this business.

(h)

The following other ‘close family’ members of Mr M J Meacock also participated on Syndicate 0727, on standard terms:

2022

ACCOUNT

£’000’s

C E Meacock (son)

193

J W S Meacock (son)

205

Mrs R J R Meacock (wife)

664

W T R Meacock (son), via Elnry Ltd

170

(i)

There were no unpaid balances due to the Syndicate at 31 December 2024 from any of the Members detailed in notes

13(e) and 13(h) above.

14.

PENSION OBLIGATIONS

The company operates a defined contribution scheme for its employees including Syndicate staff. The cost of the contributions

charged to the 2022 year of account was £166,295 and there were no outstanding or prepaid contributions at 31 December

2024 in respect of the 2022 year of account. As the 2022 year of account has now been reinsured to close, no further pension

contributions are chargeable to the Members of this year of account.

NOTES TO THE SYNDICATE

UNDERWRITING YEAR ACCOUNTS

..........

..........

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31

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SYNDICATE 0727

SYNDICATE ANNUAL

REPORT AND ACCOUNTS

FOR THE YEAR ENDED

31 DECEMBER 2024

.........

32

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SYNDICATE 0727

Directors and Advisers

........

.

33

.........

Strategic Report

........

.

34

.........

Report of the Directors of the Managing Agent

........

.

38

.........

Statement of Managing Agent’s Responsibilities

........

.

39

.........

Independent Auditor’s Report

........

.

40

.........

Profit and Loss Account: Technical Account – General Business

........

.

44

.........

Profit and Loss Account: Non-Technical Account

........

.

45

.........

Statement of Changes in Members’ Balances

........

.

45

.........

Balance Sheet – Assets

........

.

46

.........

Balance Sheet – Liabilities

........

.

47

.........

Statement of Cash Flows

........

.

48

.........

Notes to the Syndicate Annual Accounts

........

.

49

.........

CONTENTS

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.

33

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SYNDICATE 0727

MANAGING AGENT:

Managing Agent

S A Meacock & Company Limited

Hasilwood House

60 Bishopsgate

London EC2N 4AW

Directors

D A Thorp (Non-Executive Chairman)

M P Bartlett

K W Jarvis

D J Jones

J M Meacock

A Taylor

D G Taylor Rea (Non-Executive Director)

G J Thompson

D K L White (Non-Executive Director)

SYNDICATE:

Joint Active Underwriters

J M Meacock and M P Bartlett

Independent Auditor

PKF Littlejohn LLP

Statutory Auditor

15 Westferry Circus

Canary Wharf

London E14 4HD

DIRECTORS AND ADVISERS

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34

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SYNDICATE 0727

The Directors of S A Meacock & Company Limited present their Strategic Report for Syndicate 0727 for the

year ended 31 December 2024.

Syndicate Underwriting Year Accounts

In addition to these Syndicate Annual Accounts there is also a separate set of Underwriting Year Accounts shown

at pages 7 to 30 drawn up on the three year funded basis which have been prepared to show the cumulative result

for the 2022 closed underwriting account as at 31 December 2024 which is being distributed in 2025.

Activities

The principal activity of the Syndicate is that of underwriting insurance and reinsurance risks and this is

conducted wholly within the Lloyd’s market. A large percentage of the risks underwritten are located in North

America while significant exposures are accepted in the UK and more modest exposures in many other areas of

the world. Exposures taken on through reinsurance would have a similar geographic spread with perhaps less

emphasis on the UK. Note 3 to the Financial Statements provides azn analysis of the business by class. There are

no significant lines of business that have been discontinued or commenced during the year.

Key Performance Indicators

The Managing Agent considers the following to be key performance indicators of the Syndicate:

CALENDAR YEAR

2024

2023

Initial capacity (underwriting year)

£108.6m

£110.5m

Gross premiums written (Note 3)

£115.4m

£115.2m

Gross premium (less reinsurance) earned

£115.6m

£116.2m

Acquisition costs earned (Note 5)

£31.3m

£30.5m

Profit/(Loss) for the year earned on the General Business Technical Account

£23.1m

£13.7m

Claims ratio (net)

58.6%

68.8%

Combined ratio (net)

92.9%

100.8%

Cash and investments

£353.3m

£320.0m

The 2024 Account capacity finished at £108.6m and the capacity for the 2025 Underwriting Year of Account

is initially at £108.7m including reinsurance business written. The gross premiums underwritten in the year

ended 31 December 2024 were £115.4m, a 0.2% decrease over the previous year. Property continues to be our

largest line of business, accounting for 56.7% of the earned premium, while casualty is 26.5% of the earned

premium. All other business categories are quite small in comparison. In line with the stated philosophy of

taking on only exposures worth keeping, very little reinsurance has been purchased. Such reinsurance which

has been purchased is largely placed with reinsurers whose security is “A” rated by AM Best (the same level as

Lloyd’s) or better.

Rate integrity in the excess of loss reinsurance book has improved this year, meaning that the proportion of

property and casualty business written through binding authorities has slightly reduced. In 2024, 52% of the

£117.0m of gross earned premium came from binding authorities.

The combined ratio of 92.9% is largely due to favourable developments on the reserves on the 2021 and prior

years of account. See the Risk Management note beginning on page 49 for more detail regarding this.

Results

The profit on the General Business Technical Account for the calendar year 2024 was £23.1m. In calendar year

2023 the profit was £13.7m (comparing claims recognised during 2024 with the gross premium earned during

2024 produces ratios of 39% for the property book and 82% for the liability book.)

STRATEGIC REPORT

........

.

35

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SYNDICATE 0727

STRATEGIC REPORT

..........

❖

..........

31 DECEMBER 2024

.........

36

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SYNDICATE 0727

STRATEGIC REPORT

..........

❖

..........

31 DECEMBER 2024

OTHER PERFORMANCE INDICATORS

Culture and Staff Engagement

Environmental Matters and the Financial Risks from Climate Change

........

.

37

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SYNDICATE 0727

STRATEGIC REPORT

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31 DECEMBER 2024

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38

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SYNDICATE 0727

REPORT OF THE DIRECTORS OF THE MANAGING AGENT

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31 DECEMBER 2024

The Managing Agent presents its Directors’ Report for Syndicate 0727 for the year ended 31 December 2024.

The Managing Agent’s Report should be read in conjunction with the Strategic Report as it includes information

required to be disclosed in the Managing Agent’s Report. This information is primarily relating to a review of

the business and a description of principal risks and uncertainties, although there is more extensive disclosure

of risk management in Note 2 to the Syndicate Annual Accounts.

The Directors of the Managing Agent, who served during the year ended 31 December 2024 and up to the date

of this report were as follows:

D A Thorp (Non-Executive Chairman)

M P Bartlett

K W Jarvis

D J Jones

J M Meacock

A Taylor

D G Taylor Rea (Non-Executive Director)

G J Thompson

D K L White (Non-Executive Director)

The Directors do not propose to hold an Annual General Meeting for the Syndicate. If any Members’ agent or

direct corporate supporter of the Syndicate wishes to meet them, the Directors will be happy to do so.

PKF Littlejohn LLP has signified its willingness to continue in office as auditor.

The Directors of the Managing Agent who held office at the date of the approval of this Report of the Directors

confirm that, so far as they are individually aware, there is no relevant audit information of which the Syndicate’s

auditor is unaware and each Director has taken all the steps that he ought to have taken as Director to make

himself aware of any relevant audit information and to establish that the Syndicate’s auditor is aware of that

information.

Approved by the Board of Directors of S A Meacock & Company Limited, and signed on its behalf by:

Director

25 February 2025

........

.

39

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SYNDICATE 0727

The Managing Agent is responsible for preparing the Annual Report and the Syndicate Annual Accounts in

accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Regulation 5 of The Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations

2008 (“the 2008 Regulations”) requires the Managing Agent to prepare Syndicate Annual Accounts at 31

December each year in accordance with United Kingdom Generally Accepted Accounting Practice (United

Kingdom Accounting Standards and applicable law). The Syndicate Annual Accounts are required by law to give

a true and fair view of the state of affairs of the Syndicate and of its profit or loss for that year.

In preparing those Syndicate Annual Accounts, the Managing Agent is required to:

•

select suitable accounting policies, and apply them consistently except where relevant accounting

requirements change in the year;

•

make judgments and estimates that are reasonable and prudent;

•

state whether applicable accounting standards have been followed, subject to any material departures

disclosed and explained in the Syndicate Annual Accounts; and

•

prepare the Syndicate Annual Accounts on a going concern basis, unless it is inappropriate to do so.

•

assess the Syndicate’s ability to continue to write new business, disclosing as applicable, matters related to

its ability to continue to operate and using the going concern basis of accounting, unless the Managing

Agent intends to cease to operate the Syndicate or has no realistic alternative but to do so.

The Managing Agent is responsible for keeping proper accounting records which disclose with reasonable

accuracy at any time the financial position of the Syndicate and enable it to ensure that the Syndicate Annual

Accounts comply with the 2008 Regulations. It is also responsible for safeguarding the assets of the Syndicate

and hence for taking reasonable steps for prevention and detection of fraud and other irregularities.

Approved by the Board of Directors of S A Meacock & Company Limited, and signed on its behalf by:

K W Jarvis

Director

25 February 2025

STATEMENT OF MANAGING AGENT’S RESPONSIBILITIES

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..........

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40

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SYNDICATE 0727

Independent Auditor’s Report to the Members of Syndicate 0727

Opinion

We have audited the syndicate annual accounts of Syndicate 0727 (the ‘syndicate’) for the year ended 31 December

2024 which comprise the Profit and Loss account, the Statement of Changes in Members’ Balances, the Balance

Sheet, the Statement of Cash Flows and notes to the syndicate annual accounts, including significant accounting

policies. The financial reporting framework that has been applied in their preparation is applicable law and

United Kingdom Accounting Standards, including FRS 102

(United Kingdom Generally Accepted Accounting Practice).

In our opinion, the syndicate annual accounts:

•

give a true and fair view of the state 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 requirements within Lloyd’s Syndicate

Accounts Instructions Version 2.0 as modified by the Frequently Asked Questions Version 1.0 issued by

Lloyd’s (the “Lloyd’s 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 Lloyd’s

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, 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.

Other Matter

This report may be included within a document to which iXBRL tagging has been applied. This auditors’

report provides no assurance over whether the iXBRL tagging has been applied in accordance with the Lloyd’s

Syndicate Accounts Instructions.

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 upon 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 at least twelve 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.

Emphasis of matter – technical provisions

We draw attention to note 2.2 (c) of the syndicate annual accounts which describes the reserving risk in relation

to the syndicate’s technical provisions for outstanding claims and the syndicate’s approach to addressing this

risk. The syndicate has, throughout its history, underwritten a large portfolio of US liability business which has

INDEPENDENT AUDITOR’S REPORT

..........

❖

..........

........

.

41

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SYNDICATE 0727

INDEPENDENT AUDITOR’S REPORT

..........

❖

..........

31 DECEMBER 2024

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42

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SYNDICATE 0727

INDEPENDENT AUDITOR’S REPORT

..........

❖

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31 DECEMBER 2024

Responsibilities of the managing agent

Auditor’s responsibilities for the audit of the syndicate annual accounts

Opinions on other matters prescribed by the Insurance Accounts Directive (Lloyd’s Syndicate and

Aggregate Accounts) Regulations 2008

........

.

43

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SYNDICATE 0727

INDEPENDENT AUDITOR’S REPORT

..........

❖

..........

31 DECEMBER 2024

........

.

45

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SYNDICATE 0727

2024

2023

NOTE

£’000

£’000

Balance on the General Business Technical Account

23,069

13,701

Investment income

8

12,831

13,286

Unrealised gains/(losses) on investments

8

5,770

8,463

Realised gains/(losses) on investments

8

(3,751)

(7,089)

Total investment return

14,850

14,660

Allocated investment return transferred to

general business technical account

8

(14,850)

(14,660)

Other charges, including value adjustments

Gain/(Loss) on foreign exchange

(335)

(839)

Profit/(Loss) for the Financial Year

22,734

12,862

There is no Other Comprehensive Income for 2024 or 2023.

STATEMENT OF CHANGES

IN MEMBERS’ BALANCES

2024

2023

£’000

£’000

Balance due (from)/to Members at 1 January

3,979

(4,186)

Total recognised gains/(losses) for the year

22,734

12,862

Payments of profit to members personal reserve funds

–

–

Losses collected in relation to distribution on closure of

underwriting year

–

–

Cash calls on open underwriting years

–

–

Profit distributed to Members – 2021 (2020) Year of

Account

(8,262)

(4,269)

Advances of fees to Members’ agents on behalf of Members

(389)

(428)

Net movement on funds in syndicate

–

–

Other

–

–

Balance due (from)/to Members at 31 December

18,060

3,979

PROFIT AND LOSS ACCOUNT

NON-TECHNICAL ACCOUNT

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46

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SYNDICATE 0727

2024

2023

NOTE

£’000

£’000

£’000

£’000

Investments

Financial investments

9

339,205

307,190

Deposits with ceding undertakings

–

–

Other

–

–

339,205

307,190

Reinsurers’ Share of Technical Provisions

Provision for unearned premiums

4

107

18

Claims outstanding

4

10,350

9,135

10,457

9,153

Debtors

Debtors arising out of direct

insurance operations

10

17,594

16,085

Debtors arising out of reinsurance

operations

11

12,307

12,356

Other debtors

12

1,093

4,071

30,994

32,512

Other Assets

Cash at bank and in hand

6,664

4,195

Other (including overseas deposits)

7,434

8,651

14,098

12,846

Prepayments and Accrued Income

Accrued interest and rent

2,695

2,605

Deferred acquisition costs

4

15,462

15,472

Other prepayments and accrued income

102

101

18,259

18,178

Total assets

413,013

379,879

BALANCE SHEET – ASSETS

..........

..........

........

.

47

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SYNDICATE 0727

2024

2023

NOTE

£’000

£’000

£’000

£’000

Capital and Reserves

Members’ balances

18,060

3,979

Total Capital and reserves

18,060

3,979

Technical Provisions

Provision for unearned premiums

4

51,620

52,890

Claims outstanding

4

333,261

315,080

Claims outstanding

–

–

384,881

367,970

Provision for other risks and charges

4

460

2,126

Creditors payable within one year

Creditors arising out of direct insurance

operations

13

2,846

2,150

Creditors arising out of reinsurance

operations

13

2,412

1,575

Other creditors including taxation and

social security

13

4,323

1,967

9,581

5,692

Accruals and deferred income

31

112

Total Liabilities

394,953

375,900

Total Liabilities, capital and reserves

413,013

379,879

The Syndicate Annual Accounts were approved by the Board of Directors of S A Meacock & Company Limited

on 25 February 2025 and signed on its behalf by:

J M Meacock

K W Jarvis

Director

Director

BALANCE SHEET – LIABILITIES

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48

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SYNDICATE 0727

STATEMENT OF CASH FLOWS

..........

❖

..........

YEAR ENDED 31 DECEMBER 2024

2024

2023

NOTE

£’000

£’000

........

.

49

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SYNDICATE 0727

1.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

General Information

1.1

General Information and principal activities

Syndicate 0727 is a Lloyd’s Syndicate domiciled in England and Wales. It is managed by S A Meacock & Company Limited

a private company limited by shares that was incorporated in England and whose registered office is Hasilwood House, 60

Bishopsgate, London, EC2N 4AW.

The Syndicate underwrites a diverse book of general insurance and reinsurance business from around the world as part of the

Lloyd’s of London insurance market. This activity is carried out primarily from our box in the Lloyd’s Building in London

and our nearby office.

The Syndicate is supported by capacity from related and third-party members.

SIGNIFICANT ACCOUNTING POLICIES

1.2

Basis of Preparation and Compliance with Accounting Standards

These Syndicate Annual Accounts have been prepared in accordance with United Kingdom Accounting Standards, including

FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, FRS 103 “Insurance Contracts”

and the Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 and the Lloyd’s Syndicate

Accounts Instructions Version V2.1 as modified by the Frequently Asked Questions Version 1.1 issued by Lloyd’s.

The underwriting results are determined on an annual basis of accounting. Under the annual basis of accounting, the

incurred cost of claims, commission and related expenses are charged against the earned proportion of premiums, net of

reinsurance.

The Syndicate Annual Accounts have been prepared on the historical cost basis, except for financial assets at fair value

through the profit or loss which are measured at fair value.

The Syndicate Annual Accounts are presented in Pounds Sterling which is also the Syndicate’s functional currency.

All amounts have been rounded to the nearest thousand, unless otherwise stated.

1.3

Going Concern Basis

These Syndicate Annual Accounts are prepared on a going concern basis. There is no intention to cease underwriting or

operations.

Syndicates by their nature only underwrite for single underwriting years on behalf of their supporting Members; however,

this is within a context of not finalising results until after 36 months so that typically there are three underwriting years in

progress at any time. In addition syndicates will normally expect to continue to trade for more underwriting years into the

future and the syndicate is continuing to underwrite in 2025.

The Syndicate’s business activities, together with the factors likely to affect its future development are set out in the Review

of Business within the Strategic Report. In addition at Note 2 below information on Risk Management is provided detailing

the insurance and financial risks the Syndicate is exposed to and how those risks are managed.

The Syndicate has considerable financial resources together with long term relationships with a number of brokers and

policyholders across different classes of business and geographical areas. As a consequence, the Directors of the Managing

Agent believe that the Syndicate is well placed to manage its business risks successfully despite the current uncertain economic

outlook.

The Directors have a reasonable expectation that the Syndicate has adequate resources including the Funds at Lloyd’s of

the Members supporting the Syndicate (as explained in Note 17). There is no intention to cease underwriting or lease the

operations of the Syndicate. Thus they continue to adopt the going concern basis of accounting in preparing the Syndicate

Annual Accounts.

NOTES TO THE SYNDICATE ANNUAL ACCOUNTS

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS

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31 DECEMBER 2024

1.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

1.4

Premiums Written

1.5

Unearned Premiums

1.6

Reinsurance Premium Ceded

1.7

Claims Incurred and Reinsurers’ Share

1.8

Unexpired Risks Provision

........

.

51

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS

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31 DECEMBER 2024

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SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

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31 DECEMBER 2024

1.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

1.12 Financial assets and liabilities

(a)

Classification

(b)

Recognition

(c)

Initial measurement

(d)

Subsequent measurement

(e)

Derecognition of financial assets and liabilities

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1.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(f)

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset or liability in an active market that the entity can access

at the measurement date. When quoted prices are unavailable, observable inputs developed using market data, other than

quoted prices, for the asset or liability, either directly or indirectly, are used to determine the fair value. If the market for

the asset is not active and there are no observable inputs, then the Syndicate estimates the fair value by using unobservable

inputs, where market data is unavailable.

(g)

Impairment of financial instruments measured at amortised cost or cost

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying

amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate,

i.e. using the effective interest method.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount

and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring

after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed

on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying

amount higher than the carrying value had no impairment been recognised. The amount of the reversal is recognised in

profit and loss immediately.

(h)

Offsetting

Debtors/creditors arising from insurance/reinsurance operations shown in the balance sheet include the totals of all

outstanding debit and credit transactions as processed by the Lloyd’s central facility. No account has been taken of any offsets

which may be applicable in calculating the net amounts due between the Syndicate and each of its counterparty insureds,

reinsurers or intermediaries as appropriate.

1.13 Investment Return

The gross investment return comprises investment income, realised investment gains and losses and movements in unrealised

gains and losses, net of investment expenses and charges. Investment return arising in each calendar year is allocated to years

of account in proportion to the average funds available for investment attributable to those years. Investment returns in

respect of overseas deposits are allocated to the year of account which funded these deposits.

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.

Dividend income is recognised when the right to receive income is established and interest income is recognised as it accrues

on the next coupon payment. For assets measured at fair value, realised gains and losses are the difference between the

purchase price and the net sale proceeds and unrealised gains and losses are the difference between the latest valuation and

purchase price. Movements in unrealised gains and losses in the period represent the change in value of investments still

held from their previous period end value or purchase price if acquired in the period and the reversal of any gains or losses

in previous periods in relation to investments sold in the current period. For any investments at amortised cost realised gains

are the difference between the carrying value at the previous year end or purchase price if acquired in the period and the sale

proceeds or carrying value at the end of the current period.

1.14 Cash and Cash Equivalents

Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the

acquisition date and are carried at amortised cost.

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

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54

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SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

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31 DECEMBER 2024

1.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

1.15 Taxation

1.16 Pension Costs

1.17 Key Accounting Judgements and Estimation Uncertainties

........

.

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS

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..........

31 DECEMBER 2024

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS

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31 DECEMBER 2024

2.

RISK MANAGEMENT (CONTINUED)

(a)

Catastrophic Events

(b)

Business Volumes and Rating Levels

(c)

Reserving risk

........

.

57

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

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..........

31 DECEMBER 2024

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58

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS

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31 DECEMBER 2024

2.

RISK MANAGEMENT (CONTINUED)

........

.

59

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS

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31 DECEMBER 2024

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS

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31 DECEMBER 2024

2.

RISK MANAGEMENT (CONTINUED)

Lloyd’s capital setting process

2.3

Market Risk

(a)

Currency Risk

........

.

61

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NOTES TO THE ANNUAL FINANCIAL STATEMENTS

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31 DECEMBER 2024

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SYNDICATE 0727

2.

RISK MANAGEMENT (CONTINUED)

Sensitivity analysis to market risks

The analysis below is performed for reasonably possible movements in market indices on financial instruments with all

other variables held constant, showing the impact on the result before tax due to changes in fair value of financial assets and

liabilities (whose fair values are recorded in the profit and loss account) and members balances.

2024 IMPACT

ON RESULTS

BEFORE TAX

2024 IMPACT

ON MEMBERS

BALANCES

2023 IMPACT

ON RESULTS

BEFORE TAX

2023 IMPACT

ON MEMBERS

BALANCES

£’000

£’000

£’000

£’000

Interest rate risk

+50 basis points shift in yield curve

(1,326)

(1,326)

(1,216)

(1,216)

-50 basis points shift in yield curve

1,326

1,326

1,216

1,216

Equity price risk

5 percent increase in equity prices

–

–

–

–

5 percent decrease in equity prices

–

–

–

–

The sensitivity analysis demonstrates the effect of a change in a key variable while other assumptions remain unchanged.

However, the occurrence of a change in a single market factor may lead to changes in other market factors as a result of

correlations.

The sensitivity analyses do not take into consideration that the Syndicate’s financial investments are actively managed.

Additionally, the sensitivity analysis is based on the Syndicate’ financial position at the reporting date and may vary at the

time that any actual market movement occurs. As investment markets move past pre-determined trigger points, action would

be taken which would alter the Syndicate’s position.

(b)

Interest Rate Risk

Interest-rate risk is the risk of loss due to changes in asset values arising from changes in rates of interest. The Syndicate’s main

exposure to fluctuation in interest rates arises from its effect on the value of funds invested in bonds. In order to mitigate

this risk, the Board monitors the economic situation to seek to anticipate any future interest-rate movements and to take

appropriate action to mitigate its effect on the value of investments held. However, the main mitigant to this risk is that the

Syndicate’s investments are predominantly held in bonds with outstanding terms of two years or less: the sensitivity of the

value of bonds of such short duration to changes in interest rates is very low.

Fixed-income securities are a large element of the Syndicate’s investments. The fair value of the investment in fixed income

securities is inversely correlated to the movement in market interest rates. If market rates fall, the fair value of the Syndicate’s

fixed-interest investments would tend to rise and vice versa. Fixed-income assets are predominantly high-quality corporate,

government and supranational securities. The investments typically have relatively short durations and terms to maturity.

The fair value of the Syndicate’s fixed income assets as at 31 December 2024 was £339m (2023: £307m). If interest rates

increase bond values will fall, although future yields on these values will be higher and interest earnings on balances with

banks and credit institutions should increase. The following analysis shows only the sensitivity of bond values to movements

in interest rates.

2024

2023

£’000

£’000

Impact of a 50 basis point increase in interest rates on result & net assets

(1,326)

(1,216)

Impact of a 50 basis point decrease in interest rates on result & net assets

1,326

1,216

(c)

Inflation risk

This is the risk that changes in the rate of inflation may adversely affect the value of investments. The possible effect of higher

inflation on claims values is allowed for under insurance risk.

(d)

Spread risk

This is the risk that the interest-rate spread between bonds of various credit ratings may increase and therefore drive down the

value of investments even in the absence of a general reduction in interest rates. This risk is mitigated in a similar manner to

interest-rate risk: since all assets are held in short-term securities the effect of any increase in spread is minimised.

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

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.

63

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SYNDICATE 0727

2.

RISK MANAGEMENT (CONTINUED)

2.4

Credit Risk

Credit risk arises where counterparties fail to meet their financial obligations in full as they fall due. The primary sources of

credit risk for the Syndicate are:

•

Reinsurers: reinsurers may fail to pay valid claims against a reinsurance contract held by the Syndicate.

•

Brokers and Intermediaries: counterparties fail to pass on premiums collected or claims paid on behalf of the Syndicate.

•

Investments: issuer default or credit downgrading results in the Syndicate losing all or part of the value of a financial

instrument.

The Syndicate effects very little outwards reinsurance and does not rely on it significantly to mitigate insurance risk: it is the

Syndicate’s policy to write a book of business that can be fully retained. Therefore the Syndicate’s exposure to reinsurance

credit risk is low.

The following ratings are based upon Standard & Poors classifications or other rating agencies classifications equivalents with

AAA being the highest.

AAA

AA

A

BBB

Other

Unrated

Total

£’000

£’000

£’000

£’000

£’000

£’000

£’000

As at 31-12-2024

Debt securities and other fixed income

securities

231,428

–

34,345

9,187

–

–

274,960

Participation in investment pools

–

–

–

–

–

–

–

Shares and other variable yield securities

3,446

3,872

53,678

–

–

3,249

64,245

Deposits with credit institutions

–

–

–

–

–

–

Reinsurers’ share of claims outstanding

–

–

8,072

–

–

39

8,111

Derivative assets

–

–

–

–

–

–

–

Other investments

–

–

–

–

–

–

–

Debtors arising out of direct insurance

operations

–

–

–

–

–

–

–

Debtors arising out of reinsurance

operations

–

–

–

–

–

–

–

Cash at bank and in hand

–

–

6,664

–

–

–

6,664

Overseas deposits

4,044

1,137

1,021

788

–

444

7,434

Other debtors and accrued interest

–

–

–

–

–

–

–

Total credit risk

238,918

5,009

103,780

9,975

–

3,732

361,414

.........

64

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SA MEACOCK

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SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

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31 DECEMBER 2024

2.

RISK MANAGEMENT (CONTINUED)

........

.

65

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SA MEACOCK

..........

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SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

..........

31 DECEMBER 2024

.........

66

.........

SA MEACOCK

..........

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SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

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31 DECEMBER 2024

2.

RISK MANAGEMENT (CONTINUED)

2.5

Liquidity Risk

........

.

67

.........

SA MEACOCK

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SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

..........

31 DECEMBER 2024

.........

68

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SA MEACOCK

..........

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SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

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31 DECEMBER 2024

2.

RISK MANAGEMENT (CONTINUED)

(c)

Regulatory Risk

3.

ANALYSIS BY CLASS OF BUSINESS

........

.

69

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SA MEACOCK

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SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

..........

31 DECEMBER 2024

.........

70

.........

SA MEACOCK

..........

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SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

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31 DECEMBER 2024

3.

ANALYSIS BY CLASS OF BUSINESS (CONTINUED)

4.

TECHNICAL AND OTHER PROVISIONS

........

.

71

.........

SA MEACOCK

..........

❖

..........

SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

..........

31 DECEMBER 2024

.........

72

.........

SA MEACOCK

..........

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SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

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31 DECEMBER 2024

4.

TECHNICAL AND OTHER PROVISIONS (CONTINUED)

CLAIMS DEVELOPMENT TRIANGULATIONS

At the end of the

underwriting year

25,388

20,870

28,849

18,539

20,846

29,510

26,925

42,903

36,696

36,540

–

After one year

50,475

51,323

52,018

53,194

56,373

64,382

67,032

73,499

64,762

–

–

After two years

62,307

55,332

60,744

64,299

59,528

70,647

73,558

83,268

–

–

–

After three years

59,108

55,425

62,662

60,313

55,375

68,536

73,587

–

–

–

–

After four years

61,376

56,151

60,089

57,638

55,028

70,530

–

–

–

–

–

After five years

60,625

54,402

58,428

58,596

56,076

–

–

–

–

–

–

After six years

58,629

53,726

58,016

61,126

–

–

–

–

–

–

–

After seven years

57,282

52,086

59,447

–

–

–

–

–

–

–

–

After eight years

55,086

51,750

–

–

–

–

–

–

–

–

–

After nine years

55,220

–

–

–

–

–

–

–

–

–

–

Gross ultimate claims

on premium earned

to date

55,220

51,750

59,447

61,126

56,076

70,530

73,587

83,268

64,762

36,540

612,306

Gross ultimate claims

on premium earned

to date for 2013 and

prior years

–

–

–

–

–

–

–

–

–

–

1,641,568

Less gross claims paid

(43,758)

(43,914)

(47,109)

(46,516)

(40,969)

(49,135)

(40,995)

(45,004)

(22,543)

(6,698)

(1,920,612)

Gross outstanding claims

reserve

11,462

7,836

12,338

14,610

15,107

21,395

32,592

38,264

42,219

29,842

333,262

........

.

73

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SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

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31 DECEMBER 2024

At the end of the

underwriting year

25,337

20,819

27,396

18,486

20,846

29,457

26,872

41,760

36,692

36,540

–

After one year

50,412

50,659

50,565

53,117

56,373

64,328

59,473

72,356

64,715

–

–

After two years

62,240

54,668

59,290

63,590

59,528

70,594

66,000

82,125

–

–

–

After three years

59,041

54,767

61,208

58,261

55,375

68,482

66,029

–

–

–

–

After four years

61,313

55,493

57,954

55,487

55,028

70,477

–

–

–

–

–

After five years

60,562

53,745

56,279

55,621

56,076

–

–

–

–

–

–

After six years

58,566

53,069

55,636

57,167

–

–

–

–

–

–

–

After seven years

57,219

51,429

56,770

–

–

–

–

–

–

–

–

After eight years

55,023

51,093

–

–

–

–

–

–

–

–

–

After nine years

55,157

–

–

–

–

–

–

–

–

–

–

Net ultimate claims on

premium earned to

date

55,157

51,093

56,770

57,167

55,276

70,477

66,029

82,125

64,715

36,540

595,349

Net ultimate claims on

premium earned to

date for 2013 and

prior years

–

–

–

–

–

–

–

–

–

–

1,493,139

Less net claims paid

(43,695)

(43,257)

(45,293)

(45,290)

(40,688)

(49,082)

(38,542)

(44,958)

(22,496)

(6,698)

(1,765,578)

Net outstanding claims

reserve

11,462

7,836

11,477

11,877

14,588

21,395

27,487

37,167

42,219

29,842

322,910

.........

74

.........

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..........

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SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

..........

31 DECEMBER 2024

5.

NET OPERATING EXPENSES

........

.

75

.........

SA MEACOCK

..........

❖

..........

SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

..........

31 DECEMBER 2024

.........

76

.........

SA MEACOCK

..........

❖

..........

SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

..........

31 DECEMBER 2024

8.

INVESTMENT RETURN

9.

OTHER FINANCIAL INVESTMENTS

........

.

77

.........

SA MEACOCK

..........

❖

..........

SYNDICATE 0727

NOTES TO THE ANNUAL FINANCIAL STATEMENTS

..........

❖

..........

31 DECEMBER 2024