Bermuda-based Talbot Holdings, the holding company for Lloyd’s-based Talbot Underwriting, has announced its results for the year ending 31 December 2003.
Gross written premiums increased 52% from $289m in 2002 to $438m for 2003. Net earned premiums grew from $101m in 2002 to $247m in 2003, an increase of 145% said Talbot.
Pretax profit for the group increased 66%, up from $11.9m to $19.8m for the year, while total operating revenues went up from $106m to $255m.
The company reported a combined ratio of 83%, the same as reported for the previous year.
The group’s wholly owned underwriting agency, Underwriting Risk Services, reported a 64% increase in turnover, up to £2.3m for the year.
The group also reported an increase in capacity for its Lloyd’s managed syndicate, number 1183. It said capacity for 2004 had increased by 49% to £287.5m, up from £193.5m for 2002.
Talbot chief executive Michael Carpenter, said: “These are strong results for Talbot in its second full year of operation. It is likely that 2003 will go down as the peak of the current hard market.
“Rating is coming under pressure in some classes, particularly aviation and marine war, direct property and energy. Other classes are either level or still achieving rate increases.
The outlook for 2004 is positive. We have had a good start to the year with an 18% increase in the first quarter written income.
“Talbot is focused on achieving first quartile performance from short-tail specialist underwriting classes, driven by profit rather than volume.
Talbot was formed in 2001 following a management buyout led by Carpenter and director of underwriting Rupert Atkin. David Newbigging was appointed chairman on 12 December 2003.
