Lloyd’s investment vehicle benefits from goodwill credit and fewer catastrophes
Lloyd’s investment vehicle Hampden Underwriting made a profit after tax of £763,000 in 2012, compared with a loss of £387,000 in 2011.
The profit includes a net credit of £487,000 from goodwill arising on the three acquisitions it made during the year.
The company bought three Lloyd’s investment companies known as Namecos during the year.
Excluding the goodwill credits, Hampden would have made a profit of £276,000, which it said “still shows a marked improvement on 2011”.
It was hit by the large number of costly catastrophes in 2011. Total industry insured losses from natural and man-made catastrophes were $126bn (£83.5bn). By contrast 2012 had a much lighter catastrophe burden, with $77bn of insured losses industry wide.
Hampden chairman Michael Oliver said: “The profit after tax for the year ended 31 December 2012 shows a marked improvement on 2011. In last year’s report I mentioned that the time was now right for expansion. This we have done with a 35% increase in underwriting. Plans continue to develop and we look forward to informing shareholders as and when they reach fruition.”
Hampden provides capacity to Lloyd’s syndicates, allowing its investors to get exposure to Lloyd’s underwriting.
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