Amlin proves a savvy buyer as Fortis acquisition pays off

Amlin has already made a 12.8% return on the €350m (£316m) it paid for Fortis Corporate Insurance from the Dutch government.

The Lloyd’s insurer, which bought the business in June last year and rebranded it Amlin Corporate Insurance, posted a profit before tax of £509.1m in 2009, up from £121.6m in 2008.

The results were padded out by £174.1m in reserve releases, however. Combined operating ratio improved from 76% to 72%, with underwriters enjoying a quiet wind season.

Chief executive Charles Philipps said: “Once again, the group’s financial performance in 2009 was excellent, reflecting the quality of our underwriting businesses and a recovery in investment markets. We also made significant progress strategically, most notably with the acquisition of the Fortis Group’s commercial insurance operations in the Benelux countries.”