Insurer’s combined ratio increases to 104.7%

Brooks Ascot

Ascot Underwriting posted a pre-tax loss of £12.6m during 2011 as an unprecedented series of natural catastrophes took their toll.

That compares to a profit of £97.1m before tax,

The insurer’s combined ratio also deteriorated to 104.7% last year from 79.2% in 2010.

Ascot Underwriting chief executive Andrew Brooks said: “Given the nature of our portfolio and the unprecedented level and series of catastrophe losses in 2011, despite our loss I am delighted with our performance.

“By managing our attritional loss ratio, which was 26.9% of net written premium, we are better able to absorb the losses that are generated by the cat events that we saw in 2011”

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