Insurer blames 'second worst quarter ever' for single risk property losses
Advent, the specialist Lloyd’s insurer, reported a pre-tax loss of £5.5m for the first three months of 2008. This compared to a £0.5m profit in the same period last year.
The company said the first quarter result reflected the insurance industry’s second worst ever quarter for single risk losses with estimated aggregate losses in excess of $3.75 billion.
Gross premiums written, excluding the reinsurance to close premium, increased by 21.3% to £62.0 million compared to £51.1 million in 2007.
