GWP was down, with the specialist motor underwriter saying it writes for profit, not volume
ERS has reported a profit of £11.1m for 2018 – its highest since being bought by private equity house Aquiline in 2013.
This compared favourably against the 2017 result, when it made a £12.2m loss.
The profit was made up of a £12.5m underwriting profit, minus £1.4m in investment losses.
Combined operating ratio improved to 96.1% (104.9% in 2017), but GWP fell by £40m to £330m.
ERS said it reflected its strategy to focus on the most specialist motor risks and to underwrite for profit, not volume.
The investment loss was put down to a volatile economic and political environment.
ERS chief executive Ian Parker said: “2018 was a fantastic year for ERS and a result of our continued specialist motor only, broker only strategy.
“Continued investment in highly skilled teams and our roll-out of technology gives us a competitive edge that we believe will further improve our market position and returns to all stakeholders.
“The whole team have remained focussed on what we can control throughout 2018 and Aquiline’s strategic review has not knocked us off course or stalled the businesses momentum.”
What’s really pleasing is that 2019 has taken off as we expected with selective growth emerging. We’re really only just getting started.”
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