TOKIO MARINE KILN TO SHUT LIFE SYNDICATE 308

Tokio Marine Kiln has applied to Lloyd’s for the cessation of its life syndicate 308 as its forecast range deteriorated “significantly” in the third quarter because of an anticipated adverse claims experience. For the 2016 year of account, syndicate 308’s forecast range is for a loss of between 14.4% and 9.4%. Tokio Marine Kiln’s syndicate 510, one of the largest at Lloyd's, saw its 2016 forecast range cut to between a loss of 3.3% and a profit of 1.7%. This was the result of recent hurricane activity in the US and Caribbean, which was felt primarily through the syndicate’s binder book. The carrier's much smaller syndicate 557, meanwhile, remains on course for a strong performance because of its scant exposure to the natural catastrophes. Its 2016 year-of-account forecast range is for a profit of between 10% to 15%. Charles Franks, Tokio Marine Kiln’s chief executive, said the firm saw “marked increases” in prices following the spate of high-profile natural catastrophes in the Americas.