Amlin, the global specialty re/insurer, has reported a slight dip in its 2015 profit, amid challenging market conditions.
The firm, which operates in the Lloyd’s, Bermudan, European, Latin American and Asian markets, posted a profit before tax of £252.3 million last year, compared with £258.7 million in 2014.
Amlin did see an increase in its gross written premiums last year however, at £2.7 billion, compared with $2.6 billion in 2014. Its net written premium also increased by 5 percent to £2.4 billion, thanks to growth in reinsurance driven by an increase in non-catastrophe exposed business.
The firm also reported a stable combined ratio last year of 89 percent, the same as 2014, however its claims ratio improved to 54 percent in 2015, compared with 56 percent in the previous year.
Charles Philipps, chief executive, Amlin, said: “This is a strong result in what are challenging market conditions. 2015 was also a year of excellent progress strategically, with the highlight being the announcement of our acquisition by MSI.
“The market remains challenging, however the integration of MSI’s Lloyd’s business and MS Frontier into MS Amlin, which are both advancing according to plan, will strengthen our client propositions, our capabilities and our scale.”
He added: “Our combination with MSI offers many advantages and opportunities: increased solidity, synergies afforded by MSI’s global network, and a better ability to invest for the long term.”