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

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Amlin returned to the black after posting a pre-tax profit of £264.2m for 2012, a marked improvement on the £193.8m loss recorded for 2011.

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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Applied updates on commercial push

Applied Systems has confirmed Arch Insurance is about to enter the pilot phase of onboarding and will be live on the Applied Epic broker management system in April, with Iprism and Ark to follow and more promised in 2024.

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