Chaucer premiums up in first quarter

Chaucer Holdings reported an “encouraging” start to the year, with first quarter gross written premiums of over £181m, compared to £179m in the same period last year.

In an interim management statement, Ewen Gilmour, chief executive, said: “With significant business still on risk and the hurricane season approaching, it is too early to predict the outcome for the full year, but we are satisfied with the start to 2008. This includes investments where, after a difficult first quarter, performance has now improved.

“Writing for profit not for premium and managing capital efficiently has seen us taking advantage of improving conditions in the UK motor market, while becoming increasingly selective in our international portfolio, where rates are under pressure as the hard market softens. We expect this pattern to continue through the year.”