Property contributed “significantly” as syndicate continued mid-market push
Lloyd’s syndicate Mitsui Sumitomo has announced a 50% increase in pre-tax profits after expanding into the regional mid-market.
Its gross written premium rose 17.2% to £302.5m for the year to 31 December 2012, while pre-tax profits were up to £18.1m.
Its property class contributed significantly to its £3.9m underwriting profit last year after Mitsui targeted growth in this area, the company said.
An absence of large losses during the year reduced its combined operating ratio by 1.4% to 98.3%.
Its investment returns were £14.1m, which Mitsui said was ahead of budget and a reflected its conservative investment strategy.
“By building on the significant transition implemented in 2011 we have continued our expansion into the regional mid-market sector while maintaining our focus on the traditional Lloyd’s international lines. This positions the syndicate well for the future and will enable our underwriters to take full advantage of a range of targeted opportunities in the UK and abroad,” said chief executive Andrew McKee (pictured).