Amlin seeing steady improvement

13th May 2009 07:58

Trading conditions have steadily improved across many part of Amlin’s business and the underwriter expects the generally positive trends to continue this year.The average renewal rate of increase for Amlin in the first four months of 2009 was 4%, with the renewal retention rate running at 89.2%.‘'We have seen a flight to quality and recognition of our capital strength and superior ratings, which are reflected in our increased renewal ratios and the expansion of our London, UK and Bermudan businesses,’ claimed Amlin’s chief executive, Charles Philipps.Performance in reinsurance was particularly strong, with a renewal rate increase of 6.3% an a retention level of 93.7%.‘Catastrophe reinsurance business, written within Amlin London and Amlin Bermuda, has experienced good rate increases and this area of our business continues to offer excellent margin potential,’ the company said.The group's gross written premium (before deduction of brokerage) in the four months ended 30 April 2009 was up 39.2% at £729.7m, from £524.2m a year earlier, helped by the weakness of sterling against the US dollar.At constant exchange rates written premiums increased by 14.5%.Investment return in the first third of 2009 was positive, showing an estimated gain of 0.4% on average funds under management of £2.9bn. The performance reflects a strong recovery in April after a tough first quarter.