Amlin, the insurance group which specialises in providing insurance cover to commercial enterprises and reinsurance protection to other insurance companies globally, has released preliminary results for the full year ended December 2012 (results).
The year saw a return to profit as the insurer posted profits before tax of £264.2m. In 2011 Amlin saw losses of £193.8m. Much of this loss was attributable to Hurricane Sandy which was responsible for £141.6m of claims (of a total natural disaster claim payout of £500.8m).
Chief executive Charles Philipps said:
"In 2012, Amlin returned to robust profitability and generated a strong return on equity. 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."