Chartis Europe sees reduced profit and GWP but improved COR
Chartis Europe has reported a fall in profit for the year ended November 2011 to £11m, compared with £101m in 2010.
Gross written premiums fell slightly, from £2.25bn in 2010 to £2.15bn for the year before.
The insurer reported an underwriting loss of £51.7m for 2011, a slight improvement on the £65.3m loss reported in 2010. Combined ratio also improved, from 104.2% in 2010 to 103.6% last year.
Nicholas Aubert, managing director of Chartis UK, described the results as a reflection of a "robust performance" during a period of economic difficulty.
"Last year we made a considerable investment of around £50m in a
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