Advertise
Resources
Member, Beacon International Group, Ltd.
LONDON—Amlin P.L.C. on Monday reported that rates still are decreasing in many lines of its insurance and reinsurance business.
The London-based insurer and reinsurer said its gross written premiums increased by 39.4% to £1.92 billion ($3.10 billion) for the 10 months to Oct. 31, largely because of the company’s 2009 purchase of Fortis Corporate Insurance N.V., it said.
But in its interim management statement Monday, Amlin said there is continued downward pressure on rates in most classes of insurance and reinsurance business that it underwrites.
Amlin said that in the first 10 months of 2010, average rate for renewal business decreased by 1.9%.
U.S. catastrophe reinsurance rates fell by an average of 5.4% in the first 10 months of 2010, although rates still are only slightly below the peak levels seen in 2007, Amlin said.
Property/casualty rates have fallen by an average of 1.7% in the first 10 months of the year, Amlin said. There is strong competition for direct and facultative property insurance in the United States, it added, and rates for that business have fallen by an average 4.9% in the first 10 months of the year.
U.S. casualty rates have fallen by an average 0.8%, Amlin said.
Rates are increasing for U.K. fleet auto business and offshore energy and marine liability business, Amlin said.
Rates for marine risks covering deepwater drilling are increasing by up to 50% in the aftermath of the April Deepwater Horizon oil rig disaster, Amlin noted.
Amlin said its estimate for claims from the earthquake that hit New Zealand on Sept. 4 was $75 million.
LONDON—Amlin P.L.C. plans to expand its commercial lines business in Europe with the acquisition of Dutch property/casualty insurer Fortis Corporate Insurance N.V.