Premiums written rise over a fifth

Specialist Lloyd's insurer Advent Capital has reported a £5.5m loss during the first quarter of this year.

Over the same period last year, the company posted a profit of £0.5m.

In a statement it said its poor result reflected the second worst quarter in the industry's history for single risk losses.

Advent's gross written premiums rose 21.3 percent to £62m. Its underwriting loss ballooned from £0.9m last year to £6.4m, and its COR slipped from 104.1 to 111.5 per cent.

Advent chairman Brian F. Caudle insisted the company was well-positioned in its respective markets.

He said: "We continue to maintain our focus on underwriting profitability while remaining alert to the changing business environment that our Lloyd's and Bermuda operations may have to contend with."