AXA XL SYNDICATE 2003 FALLS TO £334M LOSS

Axa XL’s flagship syndicate 2003 has reported a loss of £334m ($460m) and a combined ratio of 133.8% for 2020. These figures compared to a profit of £27m in 2019 and a combined ratio of 110% in the same period. The syndicate registered a decrease in gross written premiums of £415m to a total of £1.68bn, owing to reduced economic activity as a result of the Covid-19 pandemic and actions to step away from less profitable business. The pandemic affected most significantly the syndicate’s crisis management, accident and health and business interruption classes of business, resulting in a total of £523m in net claims.