Amlin, London’s largest listed Lloyd’s insurer, made a bigger than expected loss last year after record catastrophe claims from earthquakes in New Zealand and Japan, US tornadoes and floods in Australia, Denmark and Thailand cost it £500.8 million.
That left Amlin nursing a pre-tax loss of £193.8 million against a profit of £259.2 million in 2010.
Amlin shares dropped 16p, or 4.5%, to 335.5p.
But chief executive Charles Phillips pointed to improving reinsurance rates, better marine rates following the sinking of the Costa Concordia and higher UK motor premiums. “We are already benefiting from the improving trading environment and expect
to return to a good level of profitability in 2012,” he said.
In 2011, insurers were hit by a total of $108 billion in claims following a spate of catastrophes, according to reinsurer Swiss Re.
The dividend for the year has been held at 23p a share.
Chairman Roger Taylor, 70, announced he will be retiring at the group’s annual meeting.
