http://www.investegate.co.uk/Article.aspx?id=200905140700142185S
Current trading
- Total gross written premium income to the end of March 2009 was ahead of budget at £257.8m (2008 Q1 £181.2m),
an increase of 42.3%
- Underlying growth in premium income excluding Syndicate 4242 was £32.9m at constant exchange rates, an increase
of 18.2%
- We forecast premium rates to increase by 5.9% in 2009 for our underwriting portfolio
- Reserve releases of £11.3m during the quarter (2008 Q1 £9.7m) reflecting continued good performance
Investment performance
- Healthy net investment return of £16.2m for the first quarter (1.3% return on average funds)
- Positive returns continued in April, resulting in a total return for the first four months of £23.5m or 1.9%
- The return on hedge funds for the first quarter was 2.5% while we reduced holdings by 34.6% to £101.1m
Underwriting plans
- £75.0m of new capital raised to support the growth of the business
- We plan to increase Syndicate 1084 capacity further to take advantage of the good underwriting conditions
- Five further underwriting appointments made to help drive business growth
So generally everyrthing going well and also :
Possible Offer
Discussions regarding a possible offer for the Company continue and a further announcement will be made as and when appropriate.
