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Member, Beacon International Group, Ltd.
Amlin P.L.C. posted a profit of £148.5 million ($247.9 million) for the first half of 2014, down 8.0% from the same period a year previously.
Amlin said Monday that its first-half profit had been affected, in part, by an adverse foreign exchange swing of £24.6 million ($41.1 million).
The London-based insurer and reinsurer, which underwrites through syndicate 2001 at Lloyd's of London and operations in the Netherlands and Switzerland, posted a combined ratio of 87% for the first six months of 2014 compared with 85% for the first half of 2013.
Amlin recorded gross written premiums of £1.89 billion ($3.6 billion) for the first half of 2014, up 2.7% from the first six months of 2013.
The company posted investment income of £54.9 million ($91.7 million) for the first half of 2014, down 18.5% from the first half of 2013.
Amlin said in a statement that the largest losses to hit the company in 2014 were £25 million ($41.7 million) from hailstorms in Europe and £24 million ($40.1 million) from a tornado in Nebraska.
It said its exposure to the loss of Malaysia Airlines flight MH17 that was shot down over Ukraine and damage to airlines after violence at Tripoli airport would be less than £25 million ($41.7 million) in total.
Amlin said that for renewal business in the first half of 2014 rates fell on average by 3.3%.
It said that reinsurance rates continued to come under pressure and that U.S. catastrophe reinsurance renewal rates fell by an average 11.3% during the first half of the year.
In a briefing note, Berenberg Bank A.G. said that Amlin's results were “solid,” but that the reported rate deterioration “is a reminder of the headwinds facing the Lloyd's companies in certain areas of the market.”
Amlin P.L.C. posted a profit of £161.4 million ($252.2 million) for the first half of 2013, down from the £184.4 million ($289.6 million) recorded in the same period in 2012, the London-based insurance and reinsurance company announced Monday.