At the half year (to 30th June, 2016) the Lloyd’s motor syndicate owned by Aquiline reported a profit of £7.3m, an improvement of £10.1m on the same period last year and a further 2.4% off the combined ratio for the same period
Highlights:
- ERS has reported a half-year profit of £7.3 million (H1 2015 -£2.8m), the result of continued discipline in underwriting and volume growth
- Gross written premium for the period was £203.8m (H1 2015 £194.7m), an increase of 5% on 2015 as a result of leveraging the investments made over the previous three years, an increasingly distinctive brand position and strength in distribution
- The combined ratio has improved by 2.4% points to 99.8% (H1 2015 102.2%) reflecting ERS’s sharp focus on underwriting discipline and expense management
Chief Financial Officer Katie Wade said: “These results evidence the effectiveness of our underwriting ethos and vigilance on expenses, with the half year profits surpassing the 2015 full year result.”
CEO Ian Parker added: “More and more brokers are recognising both our ability to respond to highly specialist needs as well as our A+ rating within Lloyd’s. Brokers are telling us that access to sustainable capacity in what are currently very uncertain market conditions is becoming more important to them and their customers. However, we are not complacent and we will continue to offer a fast, flexible and responsive service to brokers where it makes sense to do so. The remainder of the year will see us continue to exercise the underwriting discipline and claims initiatives to continue to improve our financial result. Improving the combined ratio remains our unequivocal priority, but we are now in a position to grow confidently.
The full calendar year forecast for 2016 remains a steady profit increase, reflecting the continued progress of the business.
For more information please contact:
Louise Naqvi
ERS Head of PR
07825 032262
louise.naqvi@ers.com
Notes to Editors:
About ERS
ERS has been providing insurance products for almost 70 years and provides insurance to more than 500,000 policyholders through Lloyd’s syndicate 218. ERS offers a diverse range of products, including private car, classic car, van, motorcycle, taxi, minibus, fleet, haulage, agricultural vehicle and motor breakdown.
