Shares in insurance firm Amlin dipped by more than three per cent yesterday, as the company reported rate reductions across a range of its products during the first nine months of 2014.
Average renewal rates were down by 2.5 per cent, although UK fleet motor rates were up by 5.7 per cent, while other UK commercial classes “saw more modest increases”, according to Amlin.
The company posted a 4.2 per cent jump in gross written premium for the period, up to £2.3bn from £2.2bn.
Amlin stated that this growth had been achieved despite an ongoing challenging trading environment, and attributed its success to an “increasingly diversified nature and strong client proposition”.
Charles Philipps, Amlin’s chief executive, commented: “We are pleased with our progress to date in 2014 and are confident that we can continue to deliver healthy returns for shareholders.”