Amlin first-quarter reinsurance renewals dip

Competition within reinsurance lines remains challenging, with reinsurance renewal rates overall decreasing by 6.3% in the first quarter, Amlin P.L.C. said Thursday in an interim management statement.

U.S. catastrophe renewal rates fell by an average of 6.5%, while international catastrophe renewals experienced average rate decreases of 10.5%, said the London-based insurer and reinsurer, adding that it has continued to be selective about the business it writes.

However, rates for noncatastrophe reinsurance policies, which now account for about 20% of the company’s estimated annual premiums, experienced only a 4.8% decline, said Amlin, which also operates underwriting platforms based in Switzerland and the Netherlands.

The company reported gross written premiums for the three-month period ended March 31 of £1.26 billion ($1.98 billion), a 1.4% decrease after taking exchange rates into account, with a strengthening U.S. dollar offsetting a weakening euro, the company said.

“We have had a good first quarter bearing in mind the more competitive market conditions, which demand high levels of diligence in risk selection,” Amlin CEO Charles Phillips said in a statement.