Solvency report shows several challenges 

Irish insurer Surestone was battling a number of challenges before it decided to go into run-off, its solvency report reveals.

The Solvency and Financial Condition Report for March 31 shows it putting capital in to boost solvency, mounting claims and underwriting losses from fire. 

In March, the insurer’s solvency was just 106.5%. This was after its parent ploughed in £2m to beef up its capital. Another was £900,000 was put in as well.

The report shows a company making substantial underwriting losses for the amount of business it was writing.

Its earned premiums, net of reinsurance, was £9.1m, with a net underwriting loss of £2.5m.

By far the biggest line loss was on fire and other damage to property, contributing to the lion’s share of the losses by falling £2.4m into the red.

Despite these issue, Surestone strikes an upbeat message in the report, claiming it has the ‘invested in the resources required to run a successful insurance company.’

Surestone is now looking to the insurtech sector for profitable growth.

Surestone chairman Malachy Smith said: “This is a strategic decision made by the board which reflects our desire to focus our future plans on the insurtech sector where we believe there are excellent growth opportunities.”