Results news: Fortis to plough on with rebranding despite loss

Barry Smith chief executive Ageas UK

Fortis UK has confirmed it will complete its rebrand to Ageas by the first quarter of 2011, after announcing a £1.8m loss during Q1 2010 (Q1 2009: £4m profit).

The insurer listed severe weather events in January, rising claims in the private motor market, one-off set-up costs related to the new Tesco Bank partnership and lower realised capital gains as reasons for the loss.

Fortis UK's non-life combined ratio deteriorated to 110.2% (Q1 2009: 108.9%) while non-life gross written premiums increased by 16.8% to £230.5m (Q1 2009: £197.4m).

In personal lines, the insurer's household and travel book grew to £57.7m and £13.3m respectively (Q1 2009: £45m and

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