Profits up at Amlin in spite of losses in UK

Kate McCann
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INSURER Amlin has announced a 5.1 per cent rise in gross written premium for the first three quarters of this year, despite declining profits in the UK business.

Overall gross written premium to the end of March this year was £1.27bn compared to £1.22bn in the same period the year before.

Strong performances in Amlin Europe Re, Amlin London and Amlin Bermuda made up for losses in the UK and Europe arms of the business, which were down to £127.6m from £141.2m and £276.9m from £313.4m in 2013 respectively.

“The first quarter of 2014 has demonstrated that Amlin remains well-positioned in a mixed trading environment,” chief executive Charles Philipps said yesterday.

“We continue to benefit from the strength of our reinsurance franchise and our partnership with Leadenhall Capital, which are creating new opportunities for Amlin as the market evolves.”

The business had modest exposure to both the missing Malaysian Airlines flight MH370 and the ferry disaster in South Korea but overall saw limited losses from catastrophes over the period.