Higher premiums help insurer Amlin recover from catastrophe
LLOYD’S of London insurer Amlin yesterday said it is on course to return to profit, helped by price increases and an absence of substantial claims during the first four months of the year.
“The trading environment continues to improve, with more than 75 per cent of our portfolio achieving rate increases in the period to 30 April,” explained chief executive Charles Philipps.
“We remain well positioned to return to a good level of profitability during 2012.”
Amlin said gross written premiums for the period were up 10.5 per cent at £1.4bn, boosted by an average renewal rate increase of 4.3 per cent.
The biggest gains were to be found in its catastrophe reinsurance business, assisted by a strong performance from its UK motor division.
Shares in the firm, the largest listed insurer on the Lloyd’s market, closed yesterday up 3.6 per cent at 329.4p.
Amlin made a pre-tax loss of £193.8m in 2011 after catastrophe-related payouts following earthquakes in Japan and New Zealand, as well as the Thai floods.