A STRING of disasters across the world have dented profits at many insurers – but Beazley and Amlin yesterday looked upbeat about their positions.
Amlin, the biggest listed insurer operating in the Lloyd’s of London market, said it was able to increase revenue during January, largely due to strong demand for catastrophe reinsurance.
The firm expects to take a hit of £50m-£70m from last year’s Thai floods, while its loss from the enormous Costa Concordia shipwreck would be below £10m.
And Beazley said that while its earnings plummeted 75 per cent on last year, the firm posted a pre-tax profit of $62.7m (£39.7m) – and could be the only Lloyd’s insurer to have made money in 2011, according to analysts.
Andrew Horton, chief executive, said the firm could boast “a strong performance in the worst year on record for insured natural catastrophes”.
He also said he expects rivals to look at bidding for Hardy Underwriting following Beazley’s revived interest.
