Amlin hopes for ACI growth after...
May 17, 2012
Amlin’s reshaping of its troubled corporate insurance division appears to be complete, an interim management statement today suggests, prompting one analyst to predict “small growth from here”. Overall the insurer reported strong premium growth for the first quarter of 10.5% to £1.4bn, a fair proportion of which came as a result of price increases – 75% of the portfolio achieved improved rates, but there was also substantial volume growth. Premium income at its Amlin Corporate Insurance division, which has been the area causing the most concern since it was acquired in June 2009, was cut by a further 17% year-on-year. Execution analyst Joy Ferneyhough described the progress on ACI as slow, but added: “The positive news is no more bad news. Premiums are down 17%, however the pruning and re-shaping is now complete apparently and we should expect small growth from here.” Amlin’s own...