AEGIS expands Syndicate 1225 capacity
Mutual insurance company AEGIS is expanding the stamp capacity for Syndicate 1225 by 21 percent year on year to £400 million in 2018 to “take advantage of opportunities,” the company said.
Despite the highly testing backdrop of industry-wide catastrophe losses, the Mexican earthquake and California wildfires, AEGIS London delivered a combined ratio of 99 percent in 2017 and holds reserves of 10 percent in excess of actuarial best estimates, the company noted on Feb. 26. At £462 million, gross written premium was ahead of plan in 2017 and a 23 percent increase on the prior year.
“This is a strong set of results, delivered in the face of substantial headwinds,” AEGIS London managing director David Croom-Johnson, commented.
“We have consistently sought to take a thoughtful and prudent approach to our underwriting and to build resilience via the depth and breadth of our offering. It is this careful and balanced approach right across the syndicate that underpins our consistently strong performance,” Croom-Johnson noted.
“AEGIS London is an innovative, growing business that continues to outperform the market. We find that we have become an attractive home for talent as we expand our product offering and grow out our existing book. In delivering a positive underwriting result, our teams have performed exceptionally well and we are delighted with the ongoing contribution made by Opal, our online platform that allows coverholders and wholesale brokers to quote and bind business in a couple of minutes. We intend to broaden the Opal product offering during 2018 as the demand for it has far exceeded our expectations.”
Bermuda-registered AEGIS (Associated Electric & Gas Insurance Services Limited) provides liability and property coverage, as well as related risk management services, to the energy industry.
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