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Advent 2008 first quarter results 29/04/2008
On the 28th April, Lloyd’s insurer Advent Capital, the manager of syndicate 780, reported a £5.5 million loss for the first quarter of 2008. For the same period in 2007, Advent reported a profit of £0.5 million. In a statement, it said its poor result reflected the fact that the first three months of 2008 had been the second worst quarter in the industry’s history (after 2001) for single risk losses.
Advent’s gross written premiums rose by 21.3% to £62 million. Its underwriting loss increased from £0.9m last year to £6.4 million in 2008, and its combined ratio increased from 104.1% to 111.5% over the same period.
The full press release from Advent can be read on their website. Please click below to read more.