Ascot latest to blame catastrophes for poor set of results
Ascot Underwriting has reported a £12.6m loss for 2011, down over £100m on its pre-tax profit of £97.1m in 2010.
The combined operating ratio deteriorated markedly from an excellent 79.2% in 2010 to 104.7% last year.
However, Andrew Brooks, CEO of Ascot Underwriting, said he was delighted with the performance.
“Given the nature of our portfolio and the unprecedented level and series of catastrophe losses in 2011, despite our loss I am delighted with our performance,” he said.
“By managing our attritional loss ratio, which was 26.9% of net written premium, we are better able to absorb the losses that are
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