Amlin swings to full-year profit

Insurer Amlin this morning said it had returned to profit last year, thanks to lower natural disaster claims.

Amlin, the biggest listed British insurer operating in the Lloyd’s of London market, made a pre-tax profit of £264.2m last year, following a £194m loss in 2011.

The insurer shouldered £152.3m of catastrophe claims over the year, down from £501m in 2011. The bulk of the bill came from Hurricane Sandy, which cost Amlin an estimated £141.6m.

“Recent growth is building earnings momentum and with profits from our non-catastrophe businesses improving, we are well positioned to continue to expand into more favourable market conditions,” chief executive Charles Philipps said this morning.