Lloyd's insurer's nine month profits hit by hurrican losses.
Advent, the specialist Lloyd's insurer, has reported post-tax profits of £26,000 in the nine months ended 30 September 2008, compared to a profit of £7.8m in the same period last year.
The company's loss before tax was £1.9m compared with a profit of £12.9m for the first nine months of 2007.
Advent said it suffered estimated losses, net of reinsurance recoveries and reinstatement premiums, of £18.3m from Hurricanes Gustav and Ike in the third quarter, partially offset by the release of Syndicate 780’s and Advent Re’s earned catastrophe margins of £10.5 million.
Elsewhere, it reported an underwriting profit of £1.1m and a combined ratio of 99% compared with an underwriting profit of £9.1 million and a combined ratio of 87% in 2007 respectively.
Gross written premiums, excluding the reinsurance to close premiums (RITC), increased by 32.8% to £144.5 million, up from £108.8m in the 2007 period.
