Insurance At lloyd's

We currently have 1 active underwriting member of Lloyd’s:  Chariot (II) Underwriting Ltd.

The forecast underwriting result in Chariot II for 2020 year of account is for a loss of about 4% and for 2021 about 2%. Much of this loss results from Covid 19 which probably led to claims on Chariot in excess of £1m.  It seems likely these figures will improve when the years close but substantial profits will not be earned until the 2022 underwriting year closes.  There has been a clear improvement in rates across the board. For exactly the same risks we are now being paid more than 20% more than in 2019 and this has persuaded us to increase our underwriting in Chariot to £7.9m in 2022 and close to £10m for 2023. 

We remain open to the possibility of purchasing other Lloyd’s vehicles going forward but have not been shown attractive opportunities in the year. The Russian invasion of the Ukraine has the potential to cost us money as many aircraft are effectively being held hostage in Russia but both these and recent hurricane losses from Ian should be manageable in the current rating environment.

To find out more, please visit https://www.lloyds.com/ or email info@kirly.co.uk