Amlin says business is still mixed

LLOYD’S insurance group Amlin said yesterday trading last quarter was mixed, as it posted a 39 per cent increase in premiums written in the year to date.

The group wrote £1.92bn in the period, thanks to its acquisition of ACI and new business within its UK fleet motor and Bermuda arms.

Amlin said catastrophe reinsurance premiums have suffered a drop, with massive claims linked to the Chilean and New Zealand earthquakes doing little to boost global prices.

UK rates have increased 1.5 per cent in the year to date, though other sectors such as London marine have decreased.

Returns on the firm’s £4.2bn investment efforts stood at 3.9 per cent, helping to offset downward pressure on premiums. The firm credited most of the gains to strength in the stock market, and said the feat was unlikely to continue long-term.

“While we are trading in tougher market conditions, we remain on track to deliver a good current year return at this point in the insurance cycle,” said chief executive Charles Philipps.