Ecclesiastical claims no need for broker concern over results
Ecclesiastical has moved to reassure brokers following its disappointing results for the first six months of 2012.
Steve Wood, UK managing director, described the insurer’s half year performance, which saw a group underwriting loss of £14.4m and a 6% deterioration in UK combined operating ratio (COR), as “reasonable results in difficult market conditions”.
He added: “There’s no need for brokers to be concerned about [the COR] at all, we’re still strongly capitalised, our solvency is very secure. We’re better capitalised than most insurers in the UK market.”
He stated that the UK COR of 100.2% (H1 2011: 94.4%
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