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.