Ecclesiastical’s UK COR reaches 105.5%
Steve Wood, managing director for the UK and Ireland at Ecclesiastical, has vowed the provider will focus “sharply” on underwriting as its UK combined operating ratio (COR) hit 105.5% in 2012, up from 96.3% the year before.
The news came as the insurer reported a pre-tax profit in 2012 of £37.8m for the group, turning around a loss of £10.5m in 2011.
However, the group underwriting loss worsened to £24.6m from £18.7m in the previous 12 months.
And Mr Wood highlighted that it was mainly driven by challenges in the liability book with a significant development of claims, particularly concentrated in the care sector.
"We have seen an acceleration of claims on employers' liability and public liability and that is the
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