Alea Group Holdings said gross written premiums grew by 40% in the twelve months ending 31 December 2003, up from $931.6m in 2002 to $1.3bn, with a continued positive outlook for 2004 across all business lines.
It said further growth in gross written premiums was expected from targeted casualty, alternative risk and excess and surplus lines.
Operating profit reached $80m, compared with $21.6m for 2002. Alea said this reflected a single-minded underwriting focus on profitability hurdle rates.
The combined ratio fell slightly to 94.9%, down from 100.7% in the previous year, which the company said exceeded expectations.
Underwriting profit grew to $85.5m for 2003, up from $28.2m in 2002, said Alea.
Chief executive Dennis Purkiss said: “We are very well placed to seize the opportunity we expect to be sustained in casualty reinsurance and in our specialty insurance businesses that are continuing to grow strongly.
“We have built a solid base over the past few years and the early indications for 2004 are positive.”
“The excellent position we find ourselves in is no accident. We spent considerable time and effort developing the depth of capabilities we believe are so essential to delivering long-term value and we're pleased that many investors have shared that view during the successful IPO.”
