Syndicate 2003 profits fall 89% in 2015

Profits at XL Catlin's flagship Syndicate 2003 slumped 89
percent year-on-year in 2015 to $53.8mn, after its reinsurance
business turned a loss amid "challenging market
conditions".
The underwriting result at the Lloyd's market's largest
syndicate by gross written premium (GWP) also fell by 82.4 percent
to $53.8mn.
XL Catlin said the underwriting performance was caused by
challenging market conditions affecting treaty reinsurance and
energy GWP in particular. In addition, 2014 had benefited from