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by : Alpha Insurance Analysts Limited

Amlin has reported a 4.2% growth in premium income year on year, reaching £2,288.1 million, after nine months of 2014. The average rate for renewed business reduced by 3.5% for the year to date and the renewal retention rate improved was 85.5% (Q3 2013: 86.5%).

According to the announcement, the underwriting environment has become more challenging in property catastrophe reinsurance. However, Amlin's strong client proposition, enhanced by Leadenhall Capital Partners, has enabled Amlin to achieve modest growth of 5.3% with a focus on those areas where pricing meets hurdle rates of return. 

Other reinsurance classes have not experienced the same degree of pressure and Amlin Re Europe has continued to develop positively, adding £41.1 million of new business for the nine months period, mostly from growth in non-catastrophe lines, which achieved an average rate increase of 0.3%. In addition, Amlin Bermuda added £16.8 million of new proportional reinsurance business. 

In its UK commercial business, UK fleet motor rates have continued to rise, withan average increase of 5.7% in the first nine months. Most other UK commercial classes have had more modest increases. 

Rates for Amlin London's Property & Casualty business declined by 1.2%.  However, new income of £64.5 million was added across classes. Renewal rates for Amlin's London Marine & Aviation business decreased by an average of 3.9%, with the energy class experiencing a rate reduction of 8.9%.  

Continental European insurance markets remain competitive but rates have been stable.

There were no major catastrophe losses in the third quarter. The largest loss events in the year to date remain the European hailstorms and Nebraska tornado, both in June.  Claims estimates for both these events have increased in thequarter, by £7.7 million to £32.9 million and £6.1 million to £29.8 million respectively.

The investment return for the nine month period was 1.8%, with average funds under management of £4.3 billion. During the period bonds – duration returned 1.4%, bonds – absolute return 1.5%, cash and cash equivalents 0.4%, equities 2.6% and property 5.8%.

The strengthening of the US dollar during the third quarter generated £28.0 million of foreignexchange gains on translation of foreign operations (net of designated hedges) through reserves, partially reversing previous translation losses.