Despite COVID-19 losses and an active catastrophe season, Lloyd’s Syndicate 1225, managed by AEGIS Managing Agency Ltd (AEGIS London), has seen a 94% increase in profits.
According to a statement from the company, its 2020 UK GAAP profit stood at £60.3 million, up by 94% from 2019’s figure of £31.1 million. Gross written premiums totalled £707.9 million, an increase of 8% on 2019’s £653.2 million.
Meanwhile, the company’s combined ratio for 2020 was 91.6%, including a £12.3 million net COVID-19 loss provision. This represented an improvement of 5.2 points from a ratio of 96.8% in 2019.
“This is an excellent outcome for our syndicate and builds on our strategy of disciplined profitable growth,” said David Croom-Johnson (pictured), AEGIS London CEO. “Results like this are, in reality, the fruit of many years’ labour. We’ve been steadily building a well-diversified book of business that’s anchored by long-term partnerships and sensible underwriting. This is a continuation of a long run of profitable results.
“We pride ourselves on having what may be one of the best combined ratios in the Lloyd’s market. It’s been achieved by taking advantage of improving market conditions and keeping a close eye on costs while growing our electronic trading division and the highly attractive business it brings from around the world.”
According to Croom-Johnson, the company’s exposure to COVID-19 losses has been limited, allowing it to improve its partnerships with its coverholders and brokers.
“Our long-term strategy remains unchanged: to respond to the needs of brokers, our clients and coverholders in the traditional Lloyd’s manner while bringing new business into the market via our award-winning quote-and-bind platform Opal,” he said. “COVID has only strengthened our belief that this is the way to approach London market business today.”