Advent reports profit of £12.9m in third quarter results
Advent Capital has reported that profit was up 50% to £12.9m in its third quarter results (£8.2 million in 2006).
The Lloyd’s insurer said gross premiums written were £115.6m (2006: £105.9m).
Advent said net notified loss ratio, excluding IBNR, for Syndicate 780’s 2007 year of account was 24% (2006: 12%).
It said that there had been an improvement in prior years’ reserves of £2.3m and that net loss estimates for the 2005 hurricanes remain stable.
Non USA catastrophe losses, net of reinsurance recoveries and reinstatement premiums, came in at £8.9m for 2007.
The company said in its statement that with approximately 75% of premiums written in US dollars, the weak US dollar continues to negatively impact premiums and earnings in 2007.
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