Advent reports profits before tax of £22.2m, compared to a £74.8m loss in 2005...
Advent, the specialist Lloyd's insurer, has today announced its 2006 final results, reporting profits before tax of £22.2m, compared to a £74.8m loss in 2005. Return on equity for the twelve months was 24.0%. The combined ratio for the period improved from 220% TO 74%.
Advent also highlighted the successful buyout of Syndicate 780's third party capacity for 2008 onwards.
In terms of the current trading outlook, Advent stated that rates were holding at excellent levels for peak catastrophe territories, with some downward pressure in evidence on rates for non peak catastrophe territories.
Expressing his delighted at the return to profitability, Brian Caudle, chairman of Advent Capital said: “Having used the additional capital raised after the 2005 hurricane season to increase our share of Syndicate 780's capacity from 54% in 2005 to 80% in 2006, we have increased our share of the payback from the 2005 hurricanes, for the benefit of our shareholders.”
Commenting on the establishment of Bermuda-based Advent Re, he said: “We look forward to developing further our longstanding reinsurance capability through this strategically important platform.”
