Amlin swings back to profit and agrees $50m MGA deal

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The insurer also announced it had struck a $50m (£33m) deal to buy RaetsMarine, a managing general agent headquartered in Rotterdam.

The group posted an improved combined ratio of 89% for 2012 (FY 2011: 108%).

Gross written premium rose to £2.4bn last year, up on the £2.3bn recorded in 2011.

Furthermore, the insurer also saw its underwriting profit jump to £207.1m, following a £146m loss in 2011. Its return on equity leapt to 17.4% from a 8.6% negative return in 2011.

And Amlin confirmed that

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