Company says it had believed the rate would end up between 0 and 1%, as Biba states move to -0.25% is "nowhere near enough".
Rising expenses counteracted an increase in turnover.
Commercial director says the business has been working to create a more proactive customer experience.
Software house set to pursue more deals as document reveals it paid £3.5m for Surrey-based ICE InsureTech in November 2017.
After the firm's turnover reached £52.7m in 2017 it has risen 6% in 2018 to £55.8m.
Figures from Plimsoll Publishing show average profit margins are 5.7% for the current year, after consistently increasing since last year.
Most recent results for Tokio Marine Kiln Group show losses for TMKI which is now being placed in run-off.
Consolidator's losses increased in 2018, but turnover jumped to £106.8m as it is set to continue its buying spree after £200m debt refinancing.
Network saw operating profit rise by 71%.
Bravo Group to agree loan worth £80m earmarked for acquisitions from major bank, as the business reports growing revenues for 2018.
Danish provider received cash injection to improve its solvency ratio on 6 May.
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But turnover rose by about 24%.
Income goes up for the quarter as Swinton is credited with assisting growth despite branch closures.
Commercial lines GWP increased, while the provider's COR improved to 94.8% in the first quarter of the year.
Mike Latham said the business is on track to achieving 2020 goals as it looks to ICB merger.
The business underwent a restructure in 2018 in preparation for the UK’s exit from the EU.
The aim is to simplify access to the global insurance market and reduce the costs of doing business at Lloyd’s.
The Danish regulator has told Gefion to restate its 2017 results and half-year report for 2018 but Gefion insists the business is healthy.
Provider says results were impacted by soft market conditions in personal lines, along with adverse weather, claims inflation and uncertainty around Brexit.
The Ardonagh Group results showed that the personal lines broker contributed £146.3m in pro forma income.
The business reported a total loss for 2018 of £111.6m, significant improvement on 2017's numbers.
Provider confirms it has not yet found a replacement for former CEO Stuart Vann who left the business in January last year.
Provider says results were impacted by bad weather as it gears up for deal with Markerstudy.