Amlin slumps to loss as claims surge

City A.M. Reporter
British insurer Amlin said it expected to return to profit this year after more than £500m in catastrophe claims pushed it deep into the red in 2011.

Amlin, the biggest insurer operating in the Lloyd's of London market, made a pre-tax loss of £193.8m last year, compared with a profit of £259.2m in 2010, it said.

Amlin chief executive Charles Philips said the insurer should return to "a good level of profitability" in 2012, helped by rising prices in some parts of the insurance market.

In 2011, insurers were hit by $108bn in claims following a spate of catastrophes including Japan's Tohoku earthquake, making it the second-cosliest natural disaster year on record, according to reinsurer Swiss Re.