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Kiln Ltd (KIN)

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Friday 29 February, 2008

Kiln Ltd

Syndicate results

Kiln Ltd
29 February 2008

Kiln Ltd

R J Kiln & Co Limited syndicate results and updated forecasts

R J Kiln & Co Limited, the Lloyd's managing agency wholly owned by Kiln Ltd, has
today  released the final result for its managed syndicates for the 2005 year of
account, updated forecasts for the 2006 year of account and initial forecasts
for the 2007 year of account.

The previous forecasts, which were announced originally in November 2007, have
been rebased to the same exchange rate (US$1.99 and C$1.96 respectively).

2005 account results
                                                                            Previous forecast
Syndicate            Capacity                   Result (% of capacity)      as at September 2007
                     £m                         %                           %

Syndicate 510        545                        0.3                         (5.8) to (0.8)

Syndicate 557        48                         (13.9)                      (16.4) to (11.4)

Syndicate 807        99                         (2.0)                       (7.3) to (2.3)

Syndicate 308        9                          18.0                        14.2 to 19.2


The 2005 year of account has closed ahead of our expectations, as set out in our
November 2007 estimates in respect of all four Kiln syndicates. In spite of 2005
being the most expensive year for catastrophes on record, Kiln's flagship
Syndicate 510 has delivered a small profit on the year. The result for Syndicate
557 is in line with recent forecasts and Syndicates 807 and 308 are at the high
end of forecasts, with Life Syndicate 308 delivering an 18% profit on capacity.

2006 year of account forecasts

Syndicate             Capacity                   2006 year of account        Previous forecast
                                                 forecast range              as at September 2007
                      £m                         %                           %

Syndicate 510         625                        12.0 to 17.0                13.3 to 18.3

Syndicate 557         54                         21.3 to 26.3                19.3 to 24.3

Syndicate 807         110                        10.5 to 15.5                10.5 to 15.5

Syndicate 308         13                         6.2 to 11.2                 3.9 to 8.9

The 2006 year of account continues to develop extremely well and is now on
course to produce a good return for all managed syndicates.

2007 year of account forecasts

Syndicate                  Capacity                               2007 year of account forecast range
                           £m                                     %

Syndicate 510              734                                    3.7 to 13.7

Syndicate 557              120                                    4.9 to 14.9

Syndicate 807              120                                    7.9 to 17.9

Syndicate 308              15                                     0.2 to 10.2


Our initial forecasts for the 2007 year of account reflect the fact that,
although it was a relatively benign underwriting year in terms of US
catastrophes, there were considerable weather-related losses around the world,
particularly in the United Kingdom. In light of the large amounts of premium yet
to be earned for the year, these figures should be regarded as preliminary only
and are subject to no significant catastrophes or other adverse developments
occurring in the future which may have a detrimental effect on the Kiln
portfolio.

The forecasts set out above take into account all managing agency and Lloyd's
charges. The current forecasts are expressed at 31 December 2007 exchange rates.
The previous forecasts, which were announced originally in November 2007, have
been rebased to the same exchange rate (US$1.99 and C$1.96 respectively).

R J Kiln & Co Limited Chief Executive, Charles Franks, commented:

'I am delighted to report another strong performance by Kiln syndicates.  In
particular, for Syndicate 510 to deliver a profit for the 2005 year of account
is an excellent achievement and is a result of high quality, disciplined
underwriting by the Kiln teams.'

29 February 2008

Enquiries:

Kiln                                                              020 7886 9000
Charles Franks, chief executive officer
Kate Rogers, group head of communications

College Hill                                                      020 7457 2020
Tony Friend
Roddy Watt


Notes to Editors

The Kiln Group

Kiln is an international insurance and reinsurance underwriting group with a
portfolio of specialist risks. Since 1962, it has built its business on the
strength of its underwriting and its relationships.

R J Kiln & Co Limited has four syndicates at Lloyd's and, in terms of capacity,
is one of the largest agencies trading in the Lloyd's insurance market. In
addition to Bermuda and the UK, Kiln has offices in Hong Kong, Singapore, South
Africa and Belgium.

A recognised leader in each of the five main business areas in which it
operates: reinsurance, accident and health, aviation, marine and special risks,
and property, Kiln syndicates enjoy a security rating of 'A+' (Strong) assigned
to Lloyd's by Standard and Poor's.

Further information is available at www.kilngroup.com




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