ERS turns performance around in first half of 2016
ERS, the Lloyd’s motor syndicate owned by Aquiline, has turned its performance around to make a solid profit in the first half of 2016 compared with a loss a year earlier, an achievement it attributed to continued discipline in underwriting and volume growth.
The company made a profit of £7.3m in the first half, an improvement of £10.1m on the same period last year when it made a £2.8 million loss and improved its combined ratio by 2.4 percent points to 99.8 percent.
The business also enjoyed some growth. Its gross written premiums for the period reached £203.8 million compared with £194.7 million in the same period a year earlier.
Ian Parker, the company’s chief executive, said: “More and more brokers are recognising both our ability to respond to highly specialist needs as well as our A+ rating within Lloyd’s.
“Brokers are telling us that access to sustainable capacity in what are currently very uncertain market conditions it is becoming more important to them and their customers. However, we are not complacent and we will continue to offer a fast, flexible and responsive service to brokers where it makes sense to do so.
“The remainder of the year will see us continue to exercise the underwriting discipline and claims initiatives to continue to improve our financial result. Improving the combined ratio remains our unequivocal priority, but we are now in a position to grow confidently.”
