Amlin enjoys 'outstanding' quarter

16th Nov 2009 07:57

An absence of major catastrophe claims and rising premiums contributed to an 'outstanding' quarter for underwriter Amlin with the group on course for an 'excellent' year.Performance in the first ten months of the year has been excellent, Amlin said, with profitability enhanced by a 52% increase in premium to £1.37bn, low claims incidence, further run off profits from reserves and a strong investment performance. Going forward, US catastrophe reinsurance are also seeing good rate increases while better rating conditions are anticipated in other areas such as UK motor. The performance of ACI since acquisition in July has also been better than expected, largely as a result of excellent investment returns, Amlin said.The group's investment return for the 10 month period to 31 October is estimated to be 5.3%, with average funds under management of £3.3bn. Charles Philipps, Amlin's Chief Executive commented, "We have had an outstanding quarter's performance and expect the full year result to be an excellent one. Moreover, the group is well positioned for 2010, in particular with improving conditions for our UK business becoming more visible."