Amlin shrugs off Sandy and unveils increase in premiums

LLOYD’S of London insurer Amlin yesterday said it is “well placed to absorb claims” from Hurricane Sandy thanks to a strong performance in the first nine months of the year.

Total insured losses from the storm, which devastated the east coast of the US last month, have been estimated at around $20bn. Amlin, the second-biggest Lloyd’s insurer by market value, said its share of the bill is “unclear” but it is confident that it can cope with any payout.

The firm also announced that revenues increased 11 per cent to £2.3bn for the first ten months of 2012, assisted by strong increases in catastrophe premiums following last year’s New Zealand earthquake and Japanese tsunami.

Income from the firm’s nascent reinsurance business also showed healthy growth, with gross written premiums increasing 69 per cent to £166.3m for the period in question.