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Hiscox lifts return estimates for Lloyd’s syndicates 33 and 6104

For 2024, Syndicate 33 is now expected to return 6.1% to 16.1% on GBP 1.696 billion of capacity, after Hiscox raised the prior projection range.

Reported · Written up by our desk · Reinsurance

Bermuda-headquartered specialist insurer Hiscox has published updated current return estimates for Lloyd’s Syndicate 33 and Syndicate 6104 covering the 2024 and 2025 years of account, according to Reinsurance News.

For 2024, Hiscox increased its estimate for Syndicate 33, now targeting a return of 6.1% to 16.1% on GBP 1.696 billion of capacity, of which Hiscox holds a 73% share. The previous range was 3.4% to 15.4%. For 2025, Syndicate 33 aims for a return of 3.4% to 13.4% on capacity of GBP 1.699 billion, broadly in line with the earlier 3.5% to 13.5% estimate.

The update also shows improvements for Syndicate 6104. For 2024, the return is now estimated at 10.3% to 22.8% on GBP 56 million of capacity, versus a prior range of 3.8% to 21.3%. For 2025, Syndicate 6104 is expected to produce a return of 28.2% to 38.2% on GBP 78 million of capacity, compared with an earlier 23.2% to 38.2%.

Reinsurance News also notes that Hiscox does not hold ownership of the syndicates as a company, and that the return estimates are calculated after standard personal expenses, including managing agent fees and profit commission, and charges levied directly on syndicates, but before Members Agents’ charges.

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