MSIG at Lloyd’s posts record results

Mitsui Sumitomo Insurance Group (MSIG) at Lloyd’s has posted solid profits for the year ended December 31, 2013.

The group’s gross written premiums grew by 13.5 percent to £343.3 million, compared with £302.4 million for 2012.

Its combined ratio also improved considerably to 90.9 percent, compared with 98.3 percent in 2012.

The group’s profit before tax rose to £30.7 million, a £12.1 million increase from £18.6 million from the year prior. Its loss ratio also improved to 49.5 percent from 56.4 percent in 2012.

Andrew McKee, chief executive officer, MSIG at Lloyd’s said: “Our syndicate recorded its best underwriting result ever in 2013. That was a tremendous achievement by everyone within the company and a reflection of the loyalty of our broker partners and the excellent relationships we have with our clients.

“It is also a testimony to our focused expertise, old-fashioned hard work and a culture based on challenge, respect and support. The finalisation of our operational and processing project is progressing well and means we are establishing a robust, efficient and scalable platform to continue moving our business forward.”