Update on Catastrophe Estimates and Rate Movements
07 July 2011
Presentation for analysts
Amlin plc will be holding a presentation for analysts at 4.00 pm today, Thursday 7 July 2011, on the subject of Catastrophe Underwriting and Risk Management.
The presentation slides and details of the investor web cast will be available on Amlin’s web-site, www.amlin.co.uk or by accessing the link below.
Update on catastrophe estimates
Amlin estimates net claims from the two major US tornadoes
during April and May 2011 of approximately $50 million.
Estimated claims from the New Zealand and Japan earthquakes remain subject to uncertainty. The net reserve for these events remains materially unchanged.
As previously advised, any deterioration in loss estimates will be partly recoverable from our reinsurance programme. In addition the structure of the reinsurance programme for London allows for significantly increased reinsurance protection being available for future major events in 2011. During the second quarter of 2011, Amlin purchased an additional $40 million of cover to further extend this reinsurance protection.
Update on catastrophe reinsurance rate movements
Rates for US catastrophe reinsurance underwritten by Amlin are estimated to have increased by 7% for the June and July renewals.
In International catastrophe reinsurance, renewal rates on
Amlin’s portfolio are estimated to have increased by 50% over
the same period.
Amlin will report 2011 Interim Results on 22 August 2011.
Webcast Link
http://event.onlineseminarsolutions.com/r.htm?e=332973&s=1&k=E50C0ECF77E7A5C9FAB7AEDF56555DCD
