Ecclesiastical doubles underwriting loss as COR worsens
Ecclesiastical has reported a group underwriting loss of £14.4m for the first six months of 2012.
This is more than double the loss of £6m reported in the same period of 2011.
The group’s combined operating ratio (COR) also deteriorated, from 104% in H1 2011, to 109.9% in the first half of 2012.
The UK COR was superior at 100.2% for the first six months of 2012, however this had still worsened by more than 6% compared to the first half of year before.
Pre-tax profit more than halved to £8m (H1 2011: £16.8m), although gross written premium (GWP) was up, at £240.7m, compared to £235.2m
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