Chaucer returns to profit
Chaucer Holdings has announced an increase in profit before tax and foreign exchange on non-monetary items of £75.3m in 2009, (2008: loss £59.5m).
Profit before tax grew to £42m (2008: loss £26.2m) while gross written premiums are up 15.3% to £795.6m (2008: £689.9m), up 5.4% on a constant currency basis
Underwriting profit increased to£45.8m before the impact of foreign exchange on non-monetary items (2008: £33m).
Chaucer said that an average premium rate increase of 5.7% was achieved across its underwriting portfolio (2008: decrease 3.6%) and its combined ratio is 93% (2008: 94%).
Chaucer said its underwriting will benefit from active
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