Kin Group Regulatory News (KIN)

5 Mar 2007 07:00

Kiln PLC05 March 2007 Kiln plc Syndicate results and updated forecasts R J Kiln & Co Ltd, the Lloyd's managing agency wholly owned by Kiln plc, todayreleases the final result for its managed syndicates for the 2004 year ofaccount, updated forecasts for the 2005 year of account and initial forecastsfor the 2006 year of account. The current forecasts are expressed at 31 December 2006 exchange rates. Theprevious forecasts, which were announced originally in November, have beenrebased to the same exchange rate (US$1.96 and C$2.28 respectively). 2004 account results Syndicate Capacity Result (% of capacity) Previous forecast as at September 2006 £m % % 510 506 10.3 5.4 to 10.4 557 55 9.4 5.4 to 10.4 807 113 2.4 (0.9) to 4.1 308 5 0.8 (6.1) to (1.1) The 2004 year of account has closed comfortably at the high end of our lastestimates made in November in respect of all four Kiln syndicates; Kiln'sflagship Syndicate 510, which accounts for around three quarters of Kiln'smanaged capacity, produced a result of 10.3% for the year. 2005 year of account forecasts Syndicate Capacity 2005 year of account Previous forecast as at September 2006 forecast range £m % %510 545 (9.1) to (4.1) (10.3) to (5.3)557 47 (23.2) to (18.2) (24.1) to (19.1)807 99 (11.0) to (6.0) (11.0) to (6.0)308 9 8.6 to 13.6 5.9 to 10.9 The 2005 year of account has improved steadily, as the hurricane losses fromthat calendar year stabilise, and the remaining exposures are running off withinKiln's underwriting projections. 2006 year of account forecasts Syndicate Capacity 2006 year of account forecast range £m %510 625 10.8 to 20.8557 54 14.9 to 24.9807 110 10.7 to 20.7308 13 (0.2) to 9.8 Our initial forecasts for the 2006 year of account reflect the relatively lowlevel of hurricane-related claims and the absence of major catastrophes in theyear. In the light of the large amounts of premiums yet to be earned for theyear, these figures above should be regarded as preliminary only and aresubject to no significant catastrophes or other adverse developments occurringin the future which may have a detrimental effect on the Kiln portfolio. Edward Creasy, Kiln's chief executive officer commented 'I am pleased to report another strong performance from Kiln syndicates. Inspite of the heavy hurricane activity in 2004, the year delivered good profits.The 2005 figures show improvement and 2006 is on course to be an excellentunderwriting year. These results are the product of Kiln's high quality,disciplined underwriting.' 5 March 2007 Enquiries: Kiln plc 020 7886 9000 Robert ChaseKate Rogers College Hill 020 7457 2020 Roddy Watt Notes to Editors: Kiln is an international insurance and reinsurance underwriting group with aportfolio of specialist risks. Since 1962, Kiln has built its business on thestrength of its underwriting and its relationships. Kiln plc is listed on the London Stock Exchange. Its operating subsidiary, R JKiln & Co Limited, has approximately £1 billion of capacity under management forthe 2007 year of account, making it one of the largest agencies trading in theLloyd's of London insurance market. A recognised leader in each of the five main business areas in which itoperates: reinsurance, accident and health, aviation, marine and special risks,and property, Kiln syndicates enjoy a security rating of 'A' (Strong) assignedto Lloyd's by Standard and Poor's. This information is provided by RNS The company news service from the London Stock Exchange