May 09, 2016
Broomfield, CO (09 May, 2016) – ICAT, a leading provider of property insurance to businesses and homeowners in catastrophe-exposed regions of the United States, is pleased to announce the results for its Syndicate 4242, managed by Asta Managing Agency Ltd, for the year ended 31 December 2015.
Financial highlights 2015:
• Profits before tax of $29.6 million ($32.5million in 2014)
• Gross written premiums of $169.4 million ($135.2 million in 2014)
• Combined ratio of 70.8% (64.4% in 2014)
• Net loss ratio 17.8% (12.1% n 2014)
Gregory Butler, ICAT President said, “Since its inception Syndicate 4242 has been one of the top performers in the Lloyd’s market. This track record notwithstanding, 2015 represented a milestone year in the development of our business. Despite increasingly challenging market conditions Syndicate 4242 once again produced exceptional results, thanks in no small part to the tremendous efforts of Megan McConnell and everyone at ICAT. Gross written premiums increased by $34.2m as a result of ICAT’s growing market presence and new product offerings, while profits before tax declined slightly driven by more normalized attritional loss experience.
“In recognition of the opportunities available to us in our target markets, we also launched SPS 6123, an innovative structure and the latest example of our drive to develop complementary capacity to 4242, which allows us to offer up to $100mn per-risk capacity. While Syndicate 6123 GAAP results are burdened by first-year startup costs and a high amount of unearned premium, we expect the SPS to make a profit in its first year of account. Last year saw the realisation of a number of our strategic goals for this business and its elevation to the next stage of its development. While much work remains to be done, I am certain that Syndicate 4242 will continue on its growth trajectory, underpinned by a drive to continue to write profitable new business into the Lloyd’s market.”
ICAT was founded in 1998 with the goal of helping homeowners and business owners in hurricane- and earthquake-prone regions of the United States recover from natural disasters. Business is produced in partnership with select retail agents and wholesale brokers.
ICAT is an underwriter at Lloyd’s of London through ICAT Syndicate 4242, rated “A” (Excellent) by A.M. Best Company and “A+” (Strong) by Standard & Poor’s. The ICAT Syndicate 4242 has been a top performer in the Lloyd’s market over its seven years of underwriting at Lloyd’s. The company also underwrites on behalf of other U.S.-based insurance companies and other syndicates at Lloyd’s of London. Boulder Claims, a subsidiary of ICAT, has successfully managed more than 12,000 catastrophe claims since its founding in 2005, including those from Hurricanes Charley, Frances, Katrina, Dolly, Ike, Isaac, and Sandy. For more information, visit icat.com.
Kristen N. Coffel
Director of Marketing