Lloyd's insurer Amlin has updated its Syndicate 2001 outlook and reported solid trading conditions throughout the third quarter despite the event of the worst hurricane season in history.
Amlin said Syndicate 2001's gross written premium income for the nine months to 30 September 2004 was £690m, compared to £667m for the same period in the previous year. Forecasts of its syndicate's performance in 2002 and 2003 had improved.
It said a low level of claims in 2002 and 2003 could offset the losses incurred by the hurricane season. The insurer maintained its forecast of losses from the storms at $263m, falling to $133m after reinsurance.
It expected the losses incurred by the insurance industry from the storm season to lead to "reduced downward pressure on rates in 2005".
The average reduction in premiums on policies it renewed in the year to September 30 was 3%, Amlin said.
