Amlin has reported full-year 2004 gross written premium of...
Amlin plc has reported full-year 2004 gross written premium of £780m, up from £742m on the previous year.
Amlin also reported an average reduction of 4% in renewal rates for 2004.
The company owned 100% of Syndicate 2001 in 2004, up from 86.2% in 2003.
Airline business dominated the company's fourth-quarter renewals. Premium rate cuts in this category averaged no more than 10%.
The current renewal period, Amlin reported, was experiencing increased competition as insurers seek to make up for losses on both the investment and underwriting sides.
"Following the highly satisfactory pricing conditions in 2004, the 1 January renewal season has been written largely in line with expectations," said Amlin's chief executive Charles Philipps.
"This gives us confidence that another satisfactory underwriting year is in prospect."
The 2005 renewal period, Amlin said, had been “satisfactory” with a premium volume of £168m, 4% lower than the previous period.
The company said 2004 was “the costliest year on record for natural catastrophes." It cited industry estimates of about $40bn in losses.
