Amlin chairman set to retire as results show near £200m loss
Amlin has reported pre-tax losses of £193.8m for 2011, compared to a profit of £259.2m for 2010.
The insurer’s UK division reported a loss of £7.9m attributable to underwriting for last year, while Amlin London reported a loss of £13.9m attributable to underwriting.
The group’s combined operating ratio (COR) deteriorated markedly from 89% in 2010 to 108% for 2011.
Amlin UK and Amlin London reported a COR of 103% and 102% respectively.
Gross written premiums for the group increased from £2,172.5m in 2010 to £2,304.1m last year, but the company also reported an 8.6% negative return on equity
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