UK professional indemnity “remains highly competitive”, says Lloyd’s insurer
Lloyd’s insurer Amlin achieved an average 8% rate rise on its UK fleet motor book in the first four months of 2013.
In its first quarter 2013 interim management statement, released this morning, Amlin said that it had achieved “steady improvement” in its UK commercial business rates, particularly UK motor.
It said other UK commercial classes had achieved more modest increases than motor. The one exception to the upward trend is UK professional indemnity, which “remains highly competitive”.
Amlin UK as a whole achieved average renewal rate increases of 3.2% in the first four months of 2013 – the highest of all Amlin’s divisions.
Amlin UK wrote gross premiums of £183.3m in the first four months of 2013, up 6.5% on the £172.1m it wrote in the same period last year.
Group-wide, Amlin increased GWP by 7% to £1.54bn (Q1 2012: £1.44bn).
The company achieved renewal rate increases of 1.1% across the portfolio, and a “higher than expected” investment return of 1.8%.
The company said the profitability of Amlin London and Amlin Bermuda remains strong and the underlying profitability of Amlin UK, Amlin Europe and Amlin Re Europe has continued to improve.
Amlin chief executive Charles Philipps said:“Amlin has made a positive start to 2013 with improvement in performance across all key areas of the business.
“We continue to benefit from the diversity of our portfolio, which gives Amlin exposure to favourable market conditions across a range of insurance and reinsurance classes.
“The group is well capitalised and in a strong position to exploit further opportunities for profitable growth.”
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