UK based Ascot Underwriting has reported a loss of GBP12.6m for the full year of 2011, compared to a pre-tax profit of GBP97.1m for the same period in 2010.
The company’s combined ratio increased to 104.7% for 2011, compared to 79.2% for the same period a year ago.
Ascot Underwriting CEO Andrew Brooks said that given the nature of the company’s portfolio and the unprecedented level and series of catastrophe losses in 2011, despite its loss he was delighted with the performance.
"By managing our attritional loss ratio, which was 26.9% of net written premium, we are better able to absorb the losses that are generated by the cat events that we saw in 2011," Brooks said.
Ascot provides insurance underwriting services to property, energy, cargo, terrorism and political risk, marine, hull/liability, excess of loss, and specie and fine art solutions.