Mulsanne premiums drop 40% in 2023 as it receives £22m capital injection
Mulsanne Insurance’s gross premiums fell by £75.3m during the year ended 31 December 2023 to £112.9m, according to its latest Solvency and Financial Condition Report.
Gibraltar-based Mulsanne blamed a reduction in written premiums on three key factors.
“In prior years, the company has underwritten motor risks on a fronted basis on behalf of an ‘A’-rated EEA reinsurer with a UK intermediary; this arrangement was not renewed at expiry on 31 March 2023.”
The specialist motor insurer also made “strategic changes to the target footprint of its products distributed by group partners that resulted in reduced levels of business”.
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