Chaucer Holdings has begun the year well with gross written premiums higher than in the previous year, chairman Martin Gilbert will say at the company's AGM.
“The 2004 year of account has started positively with total gross written premiums ahead of the same stage for 2003 and with pricing remaining strong overall,” said Gilbert, in a speech released ahead of the meeting.
Gross written premium (net of brokerage) for Syndicate 1084 and Syndicate 1176 totalled £208.9m to May 2004, an increase of 14.3%.
The group's increased participation in syndicate underwriting in 2004 has increased its share of gross premiums written by 28.7% this year to £157.7m, said Gilbert.
“A continuance of the current positive trading conditions, combined with the further development of business written under similar circumstances in 2002 and 2003, should, on the basis of average claims frequency, produce another strong underwriting result for Chaucer in 2004.”
Chief executive Ewen Gilmour, added: “I am delighted with Chaucer's continued progress. The year has started well from an underwriting perspective, with premium prices and volumes on target.”
Gross written premiums, net of brokerage, increased by 10.5% for motor, by 73.3% for specialist lines, by 16.9% for Europe, and by 23.3% for marine.
But gross written premiums declined by 0.7% for property, and by 15.8% for aviation.
All changes are in year-on -ear terms.
