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Daily Insurance Industry News
Wednesday 23rd of May 2018
March 23, 2012

Canopius reports £61m loss in 2011

by Richard Kilner

Story link: Canopius reports £61m loss in 2011

Canopius Group Limited has reported its financial results for the year ended 31 December 2011.

Gross wrriten premiums rose by 9% from £564m to £616m, with a combined ratio of 111%, up from 92% last year.

The firm incurred a loss to shareholders of £61m, a stark decline from the £43m post-tax profit of 2010.

Return on equity, after tax, rose year-on-year from 15% to 22% and net tangible assets fell from £303m to £239m.

The year also saw a number of significant appointments, perhaps the most important of which was that of Inga Beale to the post of group chief executive.

The firm also established the Political Risks and Crisis Management division and launched Canopius Europe.

Executive Chairman Michael Watson attributed the firm’s first loss in its eight year history to the unusually high level of natural catastrophe events.

 

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