Chaucer releases trading update and results for 2004...
Chaucer has this morning released a trading update and its results for 2004 and the latest forecasts for the 2005 and 2006 years of account.
The group indicated that 2007 had started encouragingly with January renewal rates matching expectations in most areas. Chaucer's underwriting interests of £317.1m for 2004 produced a healthy profit of 17.2% with both syndicates delivering strong results.
Chaucer announced an improved forecast for 2005, with the year expected to be profitable, and described its forecast for 2006 as “very positive”.
Ewen Gilmour, Chaucer chief executive, said: “I am pleased to report another excellent performance from our syndicates.
The 2004 year of account has closed to produce a third consecutive year of healthy profits, while 2005 continues to develop positively, with catastrophe-related losses settling within budget, and we fully expect the year to close in profit.
As widely reported, with an absence of major losses, 2006 should be an excellent year for Chaucer.
I am also pleased to report a promising start to 2007.”
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