Ecclesiastical posts losses for 2011
Ecclesiastical has reported a pre-tax group loss of £7.7m for 2011, compared with £50.4m profit in 2010.
The insurer’s combined operating ratio deteriorated to 105.4% last year, from 102% for the previous 12 months.
General insurance gross written premium (GWP) also slipped, from £474.4m in 2010 to £465m last year, and the company reported an underwriting loss of £16.1m. This was a further decline on the 2010 underwriting loss of £5.9m.
However, the company did report a UK underwriting profit of £7.6m, and a COR of 96.3%.
UK GWP was up at £326m for 2011, compared with £303.4m for 2010.
Steve Wood
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