Amlin GWP up 39.4%
Amlin has reported a “mixed” trading environment in the third quarter of 2010, with downward pressure on premium rates persisting in many areas.
However, the group’s gross written premium was up 39.4% for the ten months ended 31st October 2010, compared with a year earlier, to £1.92 billion.
ACI represented £384.9 million of the £1.37 billion increase, following its acquisition in July 2009, while the underlying increase for pre-existing Amlin business was £157.1 million, with the growth attributable to new business generated by Amlin UK (notably within UK fleet motor) and also in Amlin Bermuda’s direct account.
During the first ten months of the year, the group saw an average renewal rate decrease of 1.9%, with renewal retention stable at 84.7%.
The major catastrophe loss in the period since 30th June 2010 was the New Zealand earthquake, which occurred on 4th September.
Amlin’s exposures lie mainly within its international property catastrophe account and the group’s current estimate for the event is $75 million.
Chief executive, Charles Philipps, comments: “While we are trading in tougher market conditions and this year have witnessed two of the largest non-US natural catastrophes in a long while, we remain on track to deliver a good current year return for this point in the insurance cycle, and are still able to generate underwriting profits in most areas.”
Category: Companies News, Financials, Insurance News
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