Chaucer Holdings PLC – AGM Statement - 24.5.07
In conjunction with the Company's AGM later today, Chaucer Holdings PLC has provided the following update on current trading and latest syndicate forecasts. The Press Release is attached.
Current trading
We are pleased to report a positive start to 2007. Premium income written, net
of brokerage, to the end of April 2007 was £228.9m (2006 £228.8m), or 50.4%
(2006 49.5%) of the combined planned income for Syndicates 1084 and 1176 for the
year.
The pricing environment remains encouraging overall. We expect a 2% reduction in
premium rates in 2007 across our non-motor divisions as a whole and a 2% rise in
UK motor rates.
Premium Rating Index |
2000 |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
2007e |
2007 Change |
Marine |
100 |
120 |
162 |
183 |
185 |
194 |
227 |
221 |
(3%) |
Aviation |
100 |
131 |
175 |
171 |
168 |
164 |
161 |
148 |
(8%) |
Property |
100 |
122 |
159 |
164 |
161 |
162 |
191 |
190 |
- |
Specialist |
100 |
117 |
151 |
174 |
187 |
184 |
181 |
178 |
(2%) |
Lines Combined (excluding Motor) |
100 |
122 |
170 |
182 |
182 |
185 |
206 |
202 |
(2%) |
Motor |
100 |
113 |
122 |
130 |
132 |
130 |
130 |
132 |
2% |
Combined |
100 |
118 |
152 |
156 |
157 |
158 |
172 |
168 |
(2%) |
Investment performance
Our investment balance grew by 2% to £850m during the first four months of the
year. Investment income to 30 April 2007 amounted to £17.2m. The return for the
period was 2.2%.
Syndicate forecasts at 31 March 2007
All our syndicate forecasts are the same or better than those published last
quarter.
We are confident that 2005 will close with a profit, with catastrophe-related
losses continuing to settle within budget and satisfactory run-off on all
divisions.
Year of Account |
Syndicate |
Capacity £m |
Chaucer Share £m |
Latest Forecast % |
Previous Forecast % |
2005 |
1084 |
400 |
362 |
1%-6% |
0%-5% |
|
1176 |
18 |
10 |
20%-30% |
20%-30% |
Our 2006 syndicate forecasts remain very positive despite significant continuing
live exposures.
Year of Account |
Syndicate |
Capacity £m |
Chaucer Share £m |
Latest Forecast % |
Previous Forecast % |
2006 |
1084 |
450 |
415 |
7.5%-15% |
7.5%-15% |
|
1176 |
22 |
12 |
30%-50% |
25%-45% |
Ewen Gilmour, Chief Executive Officer of Chaucer, commented:
"With a solid start to the year behind us and continued progress from our open
years to report, I am confident of another positive year for Chaucer."
To see the full report click here.
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