But insurer enjoyed UK renewal rate increases of 2.9%
Lloyd’s insurer Amlin’s UK division reported gross written premium (GWP) of £257.4m in the first nine months of 2014, down 4.5% on the £269.6m it reported in the same period last year.
The GWP fall came despite Amlin achieving renewal rate increases of 2.9% in its UK business.
The Lloyd’s insurer said that within this increase, UK fleet motor rates had grown by 5.7% in the first nine months of 2014. It added that most other UK commercial classes have had “more modest increases”.
Group-wide, Amlin’s GWP grew by 4.2% to £2.29bn (first nine months of 2013: £2.19bn).
Despite the increases enjoyed in the UK, renewal rates across Amlin’s portfolio fell by 3.5%, after being flat in the first nine months of 2013.
Competition was particularly strong in property catastrophe reinsurance, the company said.
Amlin chief executive Charles Philipps said: “We are pleased with our progress to date in 2014 and confident that we can continue to deliver healthy returns for shareholders.
“Against a backdrop of intensifying competition as a result of increasing industry capital, we have successfully maintained underwriting discipline while making good progress in building a more diversified business that is better suited to meeting the challenges of the current environment.”
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