Chaucer reports 11% hike in motor rates
Lloyd's insurer Chaucer this morning reported a drop in gross written premium income to £250.1m (2009 Q1: £257.8m).
The group added first quarter rate increases of 3% were achieved across its underwriting portfolio, against an annual target of 2%. It made particular reference to the UK motor market where it achieved average rate increases of 11% for its portfolio in the quarter, with new business and retention rates remaining stable.
Broken down by division Chaucer saw a rise in its UK business to £36.1m (2009 Q1 £34.8m)and energy at £44.1m (2009 Q1: £38.9m), but a fall in marine at £49.1m (2009 Q1: 62m).
Chaucer added it sanctioned reserve releases of £10.8m during the quarter (2009 Q1: £11.3m) and that having seen higher than expected industry catastrophe losses for the year to date it forecast "significant increase in offshore energy rates".
Bob Stuchbery, chief executive officer, said: "This has been a challenging period for the insurance industry, dominated by high profile natural and manmade catastrophes. Despite exposure to these events, Chaucer's performance was robust and the business is taking advantage of the opportunities now available. At 0.9%, the investment income from our conservative investment strategy was healthy."
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