Amlin, a specialist insurance and reinsurance underwriting group listed on the London Stock Exchange, has reported a 42% rise in full year profits despite having absorbed hurricane losses of GBP130.1 million.
The independent insurer also reported a record pretax profit of GBP182.7 million up from GBP128.9 million a year earlier and exceeding a forecast GBP175 million.
The group attributed a large part of the stronger than expected performance to underwriting and investments contributions.
Roger Taylor the chairman of Amlin commented: Hurricane losses reached an unprecedented level in 2005 and challenged the insurance industry. Amlin absorbed some large losses but, due to its approach to risk management and diverse portfolio, still produced excellent results. Our return on equity of 28.4% in 2005 brings our weighted average five year return to 17.4%.