Amlin has today provided an update on current trading, reporting a 25% rise in gross written premiums for the first nine months to £822m.
Of this, Syndicate 2001's gross written premium was £730m (2005: £657m), which includes additional business written for Amlin Bermuda of £26m. Amlin Bermuda has written £118m of new premium income to the group, including the cessions referred to above.
The average renewal rate increase for Syndicate 2001 for the first nine months was 7.9% with renewal retention at 79%.
The non-marine and marine markets performed well in the third quarter. However, Amlin's aviation division remains under pressure on the airline account and the UK commercial market continues to see competitive pressure on rates. As a result Amlin has reduced its business in these areas.
Claims levels for the nine months were the lowest on record at 10.5%.
Charles Philipps, Amlin chief executive, said: “2006 performance to date has exceeded expectations owing to an exceptionally low level of claims in a year when we have increased premiums, particularly for catastrophe exposed business. If this continues, we expect the full year result to be well ahead of current market forecasts.”
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