Advent 2005 gross hurricane losses rise

LONDON—Lloyd's of London insurer Advent Capital Holdings P.L.C. has reported a "benign claims environment" in 2006, but has experienced a further deterioration in 2005 hurricane losses.

In a trading statement, Advent said that the market condition continued to be "robust" in the third quarter of 2006. The insurer added that it expected the "attractive market conditions" to continue through the January 1 renewal season.

Advent, which manages Lloyd's Syndicate 780, said in a statement that although the 2006 hurricane season is not yet over, the company continued to experience a benign claims environment, with a loss ratio of 11.6% for the first nine months.

However, Advent also experienced some adverse development in its 2005 hurricanes gross loss estimates. The company's share of Syndicate 780's gross losses from Hurricanes Katrina, Rita and Wilma rose from $300.9 million at December 31, 2005, to $336.1 million at September 30, 2006. Net losses were said to be "relatively stable."