Former corporate arm of Fortis made a loss of nearly £20m in 2010
Amlin is still struggling to make Amlin Corporate Insurance (ACI) turn a sustainable profit almost two years after it was acquired.
While most of the Lloyd’s insurer’s divisions were profitable in 2010, ACI – the former corporate arm of Fortis, bought in July 2009 – made a loss of £19.6m compared with a profit of £11.2m in 2009.
Amlin chairman Roger Taylor said: “While [ACI’s] 2010 performance was disappointing, we are confident it is on course to meet our targets.”
Amlin’s 2010 profit fell 51% to £229.1m from £454.8m, and its combined ratio worsened to 88% from 72%, as a result of catastrophe losses.
However, Amlin also reported a 41% increase in gross written premium to £2.2bn from £1.5bn.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet