Syndicate 33 Syndicate 3624
Insurance carriers Hiscox can trace its origins in the Lloyd’s Market
to 1901. Today, Hiscox Syndicate 33 is one
Syndicate 3624 is a wholly owned Syndicate
which began underwriting for the 2009 year
of the largest composite syndicates at Lloyd’s, of account with an underwriting capacity of £150
and has an A.M. Best syndicate rating of A million. The Syndicate has a diversified portfolio
(Excellent). Syndicate 33 underwrites a mixture of worldwide risks including E&O, property,
of reinsurance, major property and energy construction, technology and media, healthcare,
business, as well as a range of specialty lines aviation and events. The diversification of
including contingency and technology and the Syndicate from both an exposure and
media risks among others. The business geographical perspective means the Syndicate
is mainly property-related short-tail business. is well balanced to grow in a controlled way.
Syndicate 33 trades through the Lloyd’s The Syndicate is primarily exposed to short-tail
worldwide licences and ratings. It also benefits liability risks. Total underwriting capacity of
from the Lloyd’s brand. Lloyd’s has an A Syndicate 3624 remained flat at £250 million for
(Excellent) rating from A.M. Best, an A+ (Strong) the 2013 year of account.
from Standard & Poor’s, and an A+ (Strong)
rating from Fitch. Syndicate 6104
Syndicate 6104 was set up under a limited
The geographical and currency splits are tenancy agreement for the 2008 year of account
shown below. One of the main advantages with an initial capacity of £34 million. It is wholly
of trading through Lloyd’s is the considerably backed by external Names and takes a pure
lower capital ratios that are available due year of account quota share of Syndicate 33’s
to the diversification of business written international property catastrophe reinsurance
in Syndicate 33 and in Lloyd’s as a whole. The account. The arrangement has been extended
size of the Syndicate is increased or reduced through to the 2013 year of account and
according to the strength of the insurance Syndicate 6104’s capacity was increased
environment in its main classes. At present, to £66 million, from £39 million. Syndicate
Hiscox owns approximately 72.5% of the 6104 pays an overrider and profit commission
Syndicate, with the remainder owned by third- to Syndicate 33.
party Lloyd’s Names. Hiscox receives a fee
and a profit commission of approximately 20%
of profit on the element it does not own. For the
2013 year of account, Syndicate 33’s capacity
has remained flat at £950 million. The chart right
shows the gross premiums written of Syndicate
33 for the last 12 years.
Syndicate 33
Gross premiums written geographical split (%)
2% UK
3% Europe
9% Asia
29% Rest of the world
57% North America
30 Insurance carriers Hiscox Ltd Report and Accounts 2012