Kate Dyer

Kate obtained her degree in Theology and Field’s Philosophy at Regents Park College. 

Her responsibilities within Kirly Ltd include taking an interest in all aspects of the financial services business and her comments on this below are taken from the most recent Annual Report.

Kate writes about insurance: The forecast underwriting result in Chariot II for 2020 year of account is for a loss of about 4% and for 2021 about 2%. 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.

Although the results in 2021 and 2022 of Freedom itself are very disappointing we will be in an excellent position to trade into 2023 with higher rates, much better systems and less competition. We have committed large sums to Freedom Insurance Services to fund its Covid related losses and now own over 75% of that company. We continue to look for suitable acquisitions in the travel insurance sector and will provide finance for such expansion. Because of the continued losses through the period and into 2022 we have made substantial provision against our investment in Freedom, but travel is back, travellers want insurance, and we are there to help them get it. Our demographic is mainly either suffering from a medical condition or over the age of 70, or both, and this demographic segment has been slower to go back to normal, but 2023 should see profits again.