Also in the news this week ...
Beazley GWP rises and NZ quake cost revealed
Gross written premium at Beazley increased 2% to $1.35bn (£838m) in the first nine months of 2010 from $1.33bn in the same period last year. Premium rates on renewal business decreased by 2% during the period.
Reinsurance gross premium written was up 24% to $166.6m from $134.7m. The Lloyd’s insurer said the growth includes business written by its new special purpose syndicate, 6107, which is supported by third-party capital. But political risk and contingency gross written premium fell 20% to $78.7m from $98.9m.
Beazley estimates its losses from September’s earthquake in New Zealand at between $15m and $30m, based on estimated industry-wide losses of between $2bn and $4bn.
Amlin reports gross premiums up by 39%
Lloyd’s insurer Amlin boosted rates at its UK insurance division by 1.5% in the 10 months to 31 October 2010 as prices at its other units fell. However, the increase is down on the 2.1% hike achieved in the same period of 2009.
Amlin said increases to fleet motor rates now average 2.9%, with average increases of 4.5%, 11.7% and 3.7% achieved in August, September and October, respectively. Overall, Amlin UK’s motor income increased by 36.2% to £94.1m, with new business amounting to £24m. The company added that UK commercial lines remain competitive.
Group-wide, Amlin wrote gross premiums of £1.92bn in the period, up 39.4% on the £1.37bn written during the same period of 2009.
Hardy looks forward to ‘satisfactory’ 2010 result
Hardy Underwriting is expecting “a satisfactory result for the full year” of 2010, unless there is a major catastrophe. The Lloyd’s insurer said that, while its property treaty division’s results had suffered in 2010 as a result of catastrophe losses and generally weakening market conditions, results for its other three business units – marine and aviation, non-marine property and specialty lines – were either in line with or ahead of plan.
Hardy anticipates writing £300m of gross premium in the full year of 2010, up 24% on the £242m it wrote in 2009. The insurer’s business plan for 2011 assumes gross premium volume of approximately £315m. Despite Hardy’s upbeat message, it reported that rates had fallen by 2.8% on average across its business units.
