Mixed Q3 for Amlin

15th Nov 2010 08:25

Underwriter Amlin is on track to deliver a good current year return considering the "mixed" trading conditions experienced during the third quarter.The biggest Lloyd's of London insurer said downward pressure on premium rates persisted in many areas, although upward momentum continued in UK fleet motor and more positive signs emerged in offshore energy and marine liability. Gross written premium rose 39.4% for the ten months ended 31 October to £1.92bn, with £385m of that down to last year's ACI acquisition. The underlying increase for the pre-existing Amlin business was £157.1m.Overall, motor income has jumped 36.2% to £94.1m, with new business of £24m.But premium rates dropped 1.9% during the period despite a 1.5% increase in the UK."While we are trading in tougher market conditions and this year have witnessed two of the largest non-US natural catastrophes in a long while, we remain on track to deliver a good current year return for this point in the insurance cycle, and are still able to generate underwriting profits in most areas," chief executive Charles Philipps said.