Amlin reports premium volumes up 7% at 30 April 2013
Amlin plc has today released an Interim Management Statement for the period to 15 May. It reports premium volumes up by 7% in the first four months of the year to £1,453m (compared with the same period in 2012).
Reinsurance rates responded positively in the aftermath of Hurricane Sandy striking the North East coast of the USA, with average renewal increases of 3.3%. However, more recently there is increased competition from capital market reinsurance products that is causing downward pressure on rating levels. Conversely, Amlin sees improvement in insurance rates, reporting UK Motor rating levels up 8% and marine liability rates up 8.9%. Smaller improvements are noted for US property and casualty classes. Overall, the group reports an increase in rating levels on renewal of 1.1%
Amlin’s net loss estimate for Hurricane Sandy remains materially unchanged from the £142m reported at the year. Amlin also reported a higher than expected investment return of 1.8% for the period on funds under management of £4.3billion, which largely arises from the group’s asset allocations to equities, absolute return funds and property.
The full report can be found here