Nat cats hit AmTrust syndicate as parent goes private
AmTrust syndicate 1206 has reported a sharp increase in the combined ratio in 2017 as claims from hurricanes Harvey, Irma and Maria (HIM) impacted the results.
The syndicate’s results are published as the parent company AmTrust Financial Services (AFSI) paves the way to go private to restructure the business.
The combined ratio of AmTrust syndicate jumped to 143.7 percent in 2017 from 111.0 percent in 2016. Gross written premiums fell to £212.2 million from £237.8 million over the period. The syndicate generated a loss for the year of £67.3 million after a loss of £9.4 million in 2016.
The loss in the year is driven by a combination of several factors including material exposure to hurricanes Harvey, Irma and Maria and the Mexico earthquakes particularly on the property account, according to the annual report. The Californian wildfires further deteriorated the property account with net losses of $8.3 million (£6.1 million) incurred at the year end. Large loss activity on the marine and special lines classes, and adverse attritional loss development on the property and marine lines further deteriorated the results.
Join us at Intelligent Automation in Insurance - London 2018. Spring Special: Book before March 31st and save £200.
More of today's news
Integro acquires Tysers, merges operations
Aspen Re chairman/CEO Americas leaves
MS Amlin syndicate posts £500m loss in 2017
