Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has reported that Syndicate 4472 achieved pre-tax operating income for 2021 of £89.7m (2020: £157.1m). The Syndicate achieved a combined operating ratio of 89.4% compared with 98.5% in 2020. Gross written premium was £1.42bn, up £59.1m from 2020’s £1.36bn.
Jane Warren, Active Underwriter at Liberty Specialty Markets, said: “Our excellent 2021 result builds on 2020’s strong performance.
“Our result reflects impressive underlying performance resulting from robust underwriting discipline, focused risk selection and collaboration across the business. Despite larger than expected natural catastrophes, our careful limits management and deliberate deployment of capital allowed us to deliver an improved underwriting return.”
LSM said that the improvement in GWP was driven by significant rate increases and new business opportunities across the portfolio.