The syndicate reported a combined ratio of 87% for the year with profits being £56m despite several large market risk losses and a generally higher loss frequency than in 2015. With a 2016 capacity of £330m, syndicate 1225 produced a return on capital of 30%, driven by a diverse portfolio and low volatility book, putting it in the upper echelons of performance in the Lloyd's market. David Croom-Johnson, managing director at Aegis, said: "This is a creditable result in a difficult
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