Lloyd’s Syndicate 1699 reported a larger loss in 2024 after exiting directors and officers (D&O) and transactional liability business due to market softening.
The loss increased to £950 mn from £804 mn the previous year. Gross premiums written rose to £175.3 mn from £141.9 mn. The combined ratio deteriorated to 104.2 from 101.6.
Gross written premiums grew across all lines except reinsurance treaty, where they dropped to £19.9 mn from £35.1 mn.
Market conditions remained difficult in 2024, with declining pricing and new competitors, including managing general agents, entering the syndicate’s targeted areas. The syndicate noted that this followed several years of significant market hardening.
Despite softening conditions, the market remained disciplined. The syndicate expected selective strategic growth to support favorable underwriting margins.
Syndicate 1699 said macroeconomic forces continued to require strong underwriting focus and discipline.
It reviewed its portfolio and made adjustments where needed, including closing its London open market commercial D&O portfolio and its U.K. and Europe open market transactional liability portfolio.
Core product offerings remained unchanged in 2024, including property, casualty, motor, marine, and transactional liability (re)insurance.
After the year ended, Volante Global, an MGA and Lloyd’s Syndicate 1699, both managed by Asta Managing Agency, announced leadership changes affecting the syndicate.
Volante (DIFC) is located in the DIFC and regulated by the DFSA as a category Four insurance management firm.
We are also a service company of Volante Lloyds Syndicate 1699 with the Authority to write business in multiple classes and territories.
The Volante (DIFC) team is highly experienced and has a track record in executive management roles in the Insurance and Reinsurance Market.
“We specialize in delivering commercial and consumer reinsurance solutions combining global and local knowledge to bring a state-of-the-art underwriting platform and team with the backing of Volante Global’s A+ rated Lloyd’s Syndicate 1699”.
