ERS blames COR deterioration on Ogden
Despite its Ogden woes, the motor insurer was able to post a £3.1m profit for H1 2019.
Half-year results from ERS paint a mixed picture for the specialist motor insurer.
Gross written premium grew 9% from £167m in H1 2018 to £182m in H1 2019, allowing ERS to deliver a profit of £3.1m.
This marked a fall from profit of £5.6m in H1 2018.
The company’s combined operating ratio (COR) spiralled from 96.6% to 102.8% over the same period.
A statement from ERS blamed the decline on the new Ogden rate.
Last month, the rate was increased from -0.75% to -0.25%. The move undercut
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