QBE Syndicate 2999 Annual Report and Accounts 2009
QBE Syndicate 2999 Annual Report and Accounts 2009 QBE Syndicate 2999 Annual Report and Accounts 2009
Notes to the financial statements continued For the year ended 31 December 2009 3 Segmental analysis Gross Gross Gross Net premiums premium claims operating Reinsurance written earned incurred expenses balance Total 2009 £000 £000 £000 £000 £000 £000 Accident and health 16,417 17,013 (5,795) (7,387) (3,251) 580 Motor (third party liability) 16,265 14,834 376 (5,074) (3,202) 6,934 Marine, aviation and transport 122,769 116,868 (66,806) (28,560) (15,157) 6,346 Fire and other damage to property 98,870 91,326 (48,169) (34,460) (31,077) (22,380) Third party liability 176,810 154,174 (84,743) (43,241) (11,051) 15,140 Credit and suretyship 18,523 18,966 (4,018) (5,019) (7,549) 2,380 Miscellaneous 4 4 (34) (4) 24 (10) 449,658 413,186 (209,189) (123,744) (71,263) 8,990 Reinsurance acceptances 590,827 580,882 (352,787) (119,935) (14,323) 93,837 Total 1,040,485 994,067 (561,976) (243,680) (85,586) 102,825 Gross Gross Gross Net premiums premium claims operating Reinsurance written earned incurred expenses balance Total 2008 £000 £000 £000 £000 £000 £000 Accident and health 15,669 12,132 (4,186) (3,019) (2,707) 2,220 Motor (third party liability) 11,142 5,245 (3,669) (2,034) 119 (339) Marine, aviation and transport 113,079 107,325 (93,643) (21,624) (207) (8,149) Fire and other damage to property 80,931 81,921 (52,954) (29,012) (9,659) (9,704) Third party liability 136,129 146,638 (139,520) (25,049) 33,442 15,511 Credit and suretyship 18,042 13,971 1,452 (5,324) (6,235) 3,864 Miscellaneous (4) (4) 1,733 (11) (1,400) 318 374,988 367,228 (290,787) (86,073) 13,353 3,721 Reinsurance acceptances 477,279 435,064 (223,443) (65,751) (29,876) 115,993 Total 852,267 802,292 (514,230) (151,824) (16,523) 119,714 Operating expenses includes standard personal expenses and reinsurance related expenses. The geographical analysis of gross premiums written by destination of risk is as follows: 32 QBE Syndicate 2999 Annual report 2009 2009 2008 £000 £000 UK 93,664 83,776 Other EU 70,979 78,740 USA 241,137 191,909 Other 634,705 497,842 1,040,485 852,267 The above includes the effects of RITC accepted as per note 18, which is wholly included in the “reinsurance acceptances” segment. All premiums were concluded in the UK.
4 Claims outstanding During the year a positive net run-off development of £27,740,000 (2008 £126,187,000), of which the main contributors were Casualty with a positive development of £10,343,000 and Property with a negative development of £10,535,000 (2008 reinsurance accepted £97,123,000). 5 Net operating expenses 2009 2008 £000 £000 Acquisition costs – direct commission 135,605 126,871 Acquisition costs – other 42,908 36,693 Changes in deferred acquisition costs (6,002) (8,509) Administrative expenses 70,001 97,147 Reinsurance commission revenue (235) (788) (Profit)/loss on exchange 1,403 (99,591) 243,680 151,823 Administrative expenses include auditors’ remuneration: Fees payable to the syndicate’s auditor for the audit of the syndicate’s annual accounts 297 336 Other services pursuant to legislation 294 288 6 Employees All staff are employed by QBE Management Services (UK) Limited, a wholly owned subsidiary of QBE Insurance Group Limited. The average number of staff represented by the above recharge for the period was: 2009 2008 Number Number Underwriting 167 137 Claims 56 52 Administration 266 249 Total employee costs for the year were: 489 438 2009 2008 £000 £000 Wages and salaries 52,653 46,979 Social security costs 6,273 5,606 Pension costs 3,785 3,466 7 Directors’ emoluments 62,711 56,051 The directors of QUL and the Active Underwriter received the following aggregate remuneration charged to the syndicate and included within net operating expenses: 2009 2008 £000 £000 Directors of the managing agent 7,481 5,895 Active Underwriter 175 142 Further information in respect of the directors of QUL is provided in that company’s financial statements. 33 QBE Syndicate 2999 Annual report 2009
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- Page 21 and 22: Statement of managing agent’s res
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- Page 25 and 26: Profit and loss account: technical
- Page 27 and 28: Balance sheet As at 31 December 200
- Page 29 and 30: Statement of cash flows For the yea
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Notes to the financial statements<br />
continued<br />
For the year ended 31 December <strong>2009</strong><br />
3 Segmental analysis<br />
Gross Gross Gross Net<br />
premiums premium claims operating Reinsurance<br />
written earned incurred expenses balance Total<br />
<strong>2009</strong> £000 £000 £000 £000 £000 £000<br />
Accident <strong>and</strong> health 16,417 17,013 (5,795) (7,387) (3,251) 580<br />
Motor (third party liability) 16,265 14,834 376 (5,074) (3,202) 6,934<br />
Marine, aviation <strong>and</strong> transport 122,769 116,868 (66,806) (28,560) (15,157) 6,346<br />
Fire <strong>and</strong> other damage to property 98,870 91,326 (48,169) (34,460) (31,077) (22,380)<br />
Third party liability 176,810 154,174 (84,743) (43,241) (11,051) 15,140<br />
Credit <strong>and</strong> suretyship 18,523 18,966 (4,018) (5,019) (7,549) 2,380<br />
Miscellaneous 4 4 (34) (4) 24 (10)<br />
449,658 413,186 (209,189) (123,744) (71,263) 8,990<br />
Reinsurance acceptances 590,827 580,882 (352,787) (119,935) (14,323) 93,837<br />
Total 1,040,485 994,067 (561,976) (243,680) (85,586) 102,825<br />
Gross Gross Gross Net<br />
premiums premium claims operating Reinsurance<br />
written earned incurred expenses balance Total<br />
2008 £000 £000 £000 £000 £000 £000<br />
Accident <strong>and</strong> health 15,669 12,132 (4,186) (3,019) (2,707) 2,220<br />
Motor (third party liability) 11,142 5,245 (3,669) (2,034) 119 (339)<br />
Marine, aviation <strong>and</strong> transport 113,079 107,325 (93,643) (21,624) (207) (8,149)<br />
Fire <strong>and</strong> other damage to property 80,931 81,921 (52,954) (29,012) (9,659) (9,704)<br />
Third party liability 136,129 146,638 (139,520) (25,049) 33,442 15,511<br />
Credit <strong>and</strong> suretyship 18,042 13,971 1,452 (5,324) (6,235) 3,864<br />
Miscellaneous (4) (4) 1,733 (11) (1,400) 318<br />
374,988 367,228 (290,787) (86,073) 13,353 3,721<br />
Reinsurance acceptances 477,279 435,064 (223,443) (65,751) (29,876) 115,993<br />
Total 852,267 802,292 (514,230) (151,824) (16,523) 119,714<br />
Operating expenses includes st<strong>and</strong>ard personal expenses <strong>and</strong> reinsurance related expenses.<br />
The geographical analysis of gross premiums written by destination of risk is as follows:<br />
32<br />
<strong>QBE</strong> <strong>Syndicate</strong> <strong>2999</strong><br />
<strong>Annual</strong> report <strong>2009</strong><br />
<strong>2009</strong> 2008<br />
£000 £000<br />
UK 93,664 83,776<br />
Other EU 70,979 78,740<br />
USA 241,137 191,909<br />
Other 634,705 497,842<br />
1,040,485 852,267<br />
The above includes the effects of RITC accepted as per note 18, which is wholly included in the “reinsurance acceptances” segment. All premiums were<br />
concluded in the UK.
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