ALTERRA CAPITAL 2011 1,904
Gross premiums written
Net premiums written
Net income 1,432 65
Combined ratio 98.2% (Claims ratio: 66.5%, Expense ratio: 31.7%)
Return on average common equity
2.3%
2010 1,411
1,040 302
85.7% (Claims ratio: 56.1%, Expense ratio: 29.6%)
12.3%
2009 1,375
895 246
88.1% (Claims ratio: 62.4%, Expense ratio: 25.7%)
17.6% Things are looking rosy for the new boys on the Bermuda scene.
Rating agency Standard & Poor’s was so impressed with the company’s performance in the first 18 months of trading that it upgraded Alterra’s credit rating to A.
“Alterra has been very active and has a track record of proven success
in both growing the company organically and in terms of adding teams, along with some selective mergers and acquisitions,” says Marty Becker, chief executive of Alterra. “We believe all of those things will continue to be part of our future.”
Becker also believes the future remains positive for Bermuda companies in
general as, he believes, most are financially strong with healthy balance sheets. “Bermuda is also a little bit optimistic at the moment, because we appear
to be on the cusp of a pricing change [for the better] across most lines of our business,” he says.
AMLIN 2011
Gross premiums written
Net premiums written
Net income 3,571.4 3,120.5 -231.7
Combined ratio 108% (Claims ratio: 78%, Expense ratio: 30%)
Return on average common equity
FX -8.6% £1/$1.55 2010 3,389.1 2,980.1 346.3
89% (Claims ratio: 60%, Expense ratio: 29%)
13.9% £1/$1.56 2009 2,485.7 2,129.4 732.55
73% (Claims ratio: 43%, Expense ratio: 30%)
37% £1/$1.61 While most companies will be glad to forget the severe catastrophe losses
of 2011, some companies claim to have benefited. The catastrophe events | INTELLIGENT INSURER | Spring 2012
during 2011 created a more favourable trading environment in which Amlin was able to grow its portfolio significantly, argues Rob Wyatt, underwriting director at Amlin Bermuda.
“We believe that 2012 will continue to offer us growth opportunities,
notably in our newly formed casualty account,” he says. “The current rating environment should also enable us to develop the facultative reinsurance account, which we put on hold in 2011. However, such growth will be achieved through the disciplined underwriting and strong risk management for which Amlin is well known.
“We believe that this disciplined approach, combined with the underlying
quality of our core book, positions us well to provide the returns sought by our shareholders.”
ARCH CAPITAL 2011
Gross premiums written
Net premiums written
Net income 3,436 2,673 436.4
Combined ratio 98.3% (Claims ratio: 65.6%, Expense ratio: 32.7%)
Return on average common equity
7.2%
2010 3,266.8 2,511 842.6
92.5% (Claims ratio: 59.5%, Expense ratio: 33%)
12%
2009 3,592.9 2,763.1 876.9
88.1% (Claims ratio: 58.2%, Expense ratio: 29.9%)
18.3% Arch Capital is a company that plays its cards close to its chest and rarely
gives much away to the media. However, when Nicolas Papadopoulo, chief executive of Arch Reinsurance Ltd (Arch Re), one of the group’s subsidiaries, spoke to Intelligent Insurer at the Baden-Baden conference in October 2011, he did reveal a couple of clues about his strategy.
One area of concern was how international property-catastrophe excess-
of-loss business was currently underpriced. He added that the events over the last two years should have changed reinsurers’ view on international
Spring 2012 | INTELLIGENT INSURER | 17
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