Insurance Times takes the temperature of the biggest players in Lloyd’s at the full-year stage

Comparison of listed Lloyd’s insurers’ nine-month results (scroll across to see full table)

Full yearGWP (£m) pre-tax result (£m)  COR %  Net catastrophe loss2010 shareholders’ equity (SHE)Catastrophe loss as % of 2010  SHE
 20112010% change20112010% change20112010point change   
Amlin2,304.12,172.56.1-193.8259.2nm1088919500.81,729.928.9
Beazley1,108.01,126.8-1.740.6162.3-75.0998811139.1693.020.1
Catlin2,920.02,632.710.945.9262.7-82.5102.689.812.8438.72,206.719.9
Hardy268.4279.4-3.9-42.110nm120.994.726.273153.347.6
Hiscox1,449.21,432.71.217.3211.4-91.899.589.310.22701,266.121.3
Novae624587.76.2-636.2nm101.591.410.170.2293.623.9
Omega197.1230.4-14.5-61.3-27.8nm134.3114.419.955.4269.820.5

Analysis

  • Amlin suffered the largest catastrophe loss in monetary terms, with a claims bill topping £500m. However, Hardy suffered the biggest catastrophe loss relative to its capital base at 47.6%.
  • Omega had the highest combined ratio at 134.3%. This is because at the same time as making losses, Omega cut its premiums by 14.5% as it sought to restore profitability.
  • Of the seven listed Lloyd’s insurers studied, only three – Beazley, Catlin and Hiscox – reported a profit. However because of the natural catastrophes, all three profit numbers were slashed. Hiscox saw the biggest profitability drop at 91.8%.
  • Even fewer Lloyd’s insurers turned an underwriting profit. Only two companies – Beazley and Hiscox – reported combined ratios below 100%, and even then only just.
  • Despite the tough year, four of the seven grew gross written premiums. Catlin reported the highest growth at 10.9%.

 

nm = not meaningful

Conversion (31 Dec 2011): $1=£0.64701

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