Amlin suffers heavy half year loss
Amlin has announced a loss of £192.3m for the first six months of 2011 (£107.6m profit: 2010) as a result of "unprecedented" catastrophe claims.
The insurer was hit by £314.3m worth of catastrophe claims, which added 34% to the claims ratio, and blamed this for the deterioration in profitability.
Amlin revealed a combined ratio of 121% (H1 2010: 88%) with gross written premium at the provider up 1.9% to £1.51bn (H1 2010: £1.49bn).
Charles Philipps, chief executive of Amlin, commented: "Exceptional catastrophe losses in the first half of 2011 have taken a heavy toll on the reinsurance industry, and Amlin has been no exception.
"While our
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