Results news: Fortis to plough on with rebranding despite loss
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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