Kiln announces record 2003 profit
Lloyd's insurer Kiln has announced 'exceptional' results during 2003, with a combined ratio of 77% a...
Lloyd's insurer Kiln has announced 'exceptional' results during 2003, with a combined ratio of 77% and a record pre-tax profit of £33.1m, at its annual general meeting recently.
At the meeting, chairman Ian Percy also predicted the 2003 profits, equivalent to an after-tax return on equity of 22.6%, would be exceeded in 2004, not withstanding a major catastrophe.
He said: "The rating environment is developing better than many had predicted; Kiln is achieving average renewal rates that are 5% ahead
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