Syndicate 2791
Managing Agency Partners Ltd is pleased to announce that the result of the 2022 year of account
of Syndicate 2791, after the deduction of all standard personal expenses but before members’
agency fees, is a profit of £71.3 million. This is equivalent to 17.8% of allocated capacity using an
exchange rate of US$1.25:£1. The result includes a release from back years of £27.0 million, net
of reinsurance and before agency PC.
The forecast result for the 2023 year of account, after the deduction of all standard personal
expenses but before members’ agency fees, is an improved profit of between 27.5% and 35.0%
of allocated capacity (last quarter 25.0% to 32.5%). A forecast for the 2024 year of account will
be issued after assessment of the position as at 31st March 2025.
Capital providers are reminded that profits arising from business transacted in US Dollars are
distributed in the original currency. The syndicate does not undertake any currency hedging.
The Combined Ratio for the 2024 calendar year under UK Generally Accepted Accounting
Practices (GAAP) is 83.7%
After 25 years’ service, David Shipley has decided to step down as MAP’s board chair at the end
of June. Kevin Allchorne has agreed, subject to regulatory approval, to assume the role. We would
like to thank David for his part in the formation of MAP and his hard work and commitment over
the last 25 years. We all at MAP wish him well in his retirement.
Chris Smelt
March 2025