Not all Lloyd’s underwriters are losing money. Amlin Plc, reporting on an annual basis for the first time, posted a 1999 pre-tax profit of £18.3 million ($27 million).
Amlin owns 57.8 percent of three Lloyd’s syndicates and manages a total capacity of £538 million ($796 million), and has carefully selected its risks. Its combined ratio fell from 117 percent to 108 percent for the year.
While the company noted rate increases in several sectors, notably automobile insurance and excess of loss reinsurance, it did not expect them to have a significant impact on premium income this year.
One area Amlin has singled out for growth is its E-commerce business, Creditinsure.com, which saw premium income nearly double last year. It’s currently seeking partners to expand this sector in the U.K. and Europe.
Topics Profit Loss Excess Surplus Lloyd's
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