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Member, Beacon International Group, Ltd.
LONDON—Chaucer Holdings P.L.C. said Monday that its pretax profits for 2010 fell to £34.8 million ($56.6 million) from £75.3 million ($122.5 million) in 2009.
The Lloyd's of London insurer, which last month said it had received several oil rig disaster, earthquakes in Chile and New Zealand, and flooding in Australia.
“It was another challenging period for the insurance industry, dominated by high-profile natural and man-made catastrophe losses,” Chaucer CEO Robert Stuchberry said in a statement. But he said that he was pleased with the results generated by the company's energy, marine and nuclear units.
Chaucer said its gross written premiums for 2010 increased 6.7% to £848.7 million ($1.38 billion), while investment income fell to £33.6 million ($54.7 million) compared with £53.3 million ($86.7 million) in 2009.
Chaucer said its combined ratio was 99% for 2010 compared with 93% in 2009.
Chaucer said insurance rates continue to soften in most lines of business, with the exception of some energy sectors and U.K. auto business.
Mr. Stuchberry said Chaucer still is in talks with a number of potential suitors, but said “it will take time to ascertain whether an offer for the business may be forthcoming.”
LONDON—David Mead has been appointed to the new role of chief operating officer of Chaucer Syndicates Ltd., the Lloyd's of London managing agency of Chaucer Holdings P.L.C.