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News
R J Kiln & Co Limited syndicate results and updated forecasts
3rd Mar 2010
Highlights
• Good 2007 results
• 2007 profits in line with expectations
• Positive forecasts for 2008 and 2009
R J Kiln & Co Limited, the Lloyd’s managing agency wholly owned by Kiln Group Limited, has today released the final results for its managed syndicates for the 2007 year of account, updated forecasts for the 2008 year of account and initial forecasts for the 2009 year of account.
The previous forecasts, which were announced in November 2009, have been rebased to the same exchange rates (US$1.61 and C$1.69 respectively). The forecasts set out below take into account all managing agency and Lloyd’s charges.
 | | Capacity | Result
(% of capacity) | Previous forecast as
at September 2009 | |
|---|
| £m | % | % | |
|---|
 | | Syndicate 510 | 734 | 13.2 | 10.7 to 15.7 | | | | Syndicate 557 | 120 | 16.6 | 13.7 to 18.7 | | | | Syndicate 807 | 120 | 10.6 | 7.6 to 12.6 | | | | Syndicate 308 | 15 | 5.2 | 4.8 to 9.8 | | |
The 2007 year of account has closed in line with the company’s expectations, as set out in the November 2009 estimates, producing a good result for all four Kiln syndicates underwriting for the 2007 year of account. Syndicate 308 has reduced slightly due to the effect of one large account, rather than as a result of any general deterioration.
| | Capacity | 2008 year of account forecast range | Previous forecast as at September 2009 | |
|---|
| £m | % | % | |
|---|
| | Syndicate 510 | 587 | 5.1 to 10.1 | 4.9 to 9.9 | | | | Syndicate 557 | 119 | 9.5 to 14.5 | 8.0 to 13.0 | | | | Syndicate 807 | 120 | 3.0 to 8.0 | 2.9 to 7.9 | | | | Syndicate 308 | 15 | 8.5 to 13.5 | 9.8 to 14.8 | | |
The 2008 year of account forecasts have remained relatively stable for all four Kiln syndicates, and the business is continuing to develop in line with expectations.
| | Capacity | 2009 year of account
forecast range | | | | |
|---|
| £m | % | | | | |
|---|
| | Syndicate 510 | 630 | 9.3 to 19.3 | | | | | | | Syndicate 557 | 119 | 9.9 to 19.9 | | | | | | | Syndicate 807 | 120 | 2.1 to 12.1 | | | | | | | Syndicate 308 | 15 | -4.0 to 6.0 | | | | | |
The 2009 year of account has benefited from strong prices throughout the year, together with a benign hurricane season. The combination of these factors has helped Kiln’s initial forecast for the non-life syndicates, and leads us to expect a very profitable year.
R J Kiln & Co Limited chief executive, Charles Franks, said:
“I am pleased to report a good performance by Kiln for the 2007 year of account with all syndicates delivering a profit in line with our previous forecasts. In 2009 Kiln was able to take advantage of favourable pricing conditions which, set against the background of a relatively benign claims environment, has meant that these initial forecasts for the 2009 year signpost the potential for a significant profit for our Names.”
Enquiries
|  | | Charles Franks ACII
Group Chief Executive Officer
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|  | | Roger Bickmore FCII
Group Business Development Director
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E-mail Charles
More info