10th August 2017; At the half year (to 30th June, 2017) ERS, the Lloyd’s specialist motor-focused syndicate reported a trading loss of £13m and a combined ratio of 107.6%.
Summary:
ERS, has reported a half year loss of £13m (H1 2016 £7.2m), reflecting the earning out of business written pre the Ogden discount rate cut
Gross Written Premium for the period was £212.6m (H1 2016 £221.2m)
ERS remains focused on bottom line growth over top-line volume and will hold firm on rate in 2017 and into 2018
Ian Parker, CEO of ERS commented: “Our operational performance post transformation continues to be in line with our expectations. While the Ogden discount ruling has adversely affected our H1 financial performance, we see this as deferring our progress but not changing our course. Despite the initial impact on top line by moving rates early in response to the change in the discount rate, ERS is now seeing more business from brokers than ever before, as other insurers catch up.
“While these results are disappointing, they are largely driven by a change outside the company’s control. Our market franchise in specialist motor continues to grow, our capital position remains strong, and ERS remains focused on meeting our brokers’, and their customers’ needs in a way that allows us to earn a sensible return.”
