LONDON (dpa-AFX) - Amlin Plc. (AML.L) on Thursday said in an Interim Management Statement for the period to May 16 that strong rate improvements were seen in key classes underwritten by the group and that catastrophe losses were also limited in the first quarter of the year.
Gross written premium for the four months ended April 30 was up 10.5 percent at 1.44 billion pounds, compared to 1.30 billion pounds as of April 30, 2011.
The average renewal rate increase during the four months was 4.3 percent compared to a drop of 0.4 percent last year. The renewal retention ratio for the same period was 86.1 percent in comparison with 84.6 percent last year.
The company said over 75 percent of its portfolio achieved rate increases in the period to April 30. Within insurance markets, improvement was seen in the UK commercial business, particularly for UK motor.
Investment markets remained volatile and the company continues to hold a cautious position.
Charles Philipps, CEO, said, 'Amlin has had a good start to 2012 and the trading environment continues to improve...We remain well positioned to return to a good level of profitability during 2012.'
Copyright RTT News/dpa-AFX
© 2012 AFX News
