Infrassure reports their first quarter results
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Infrassure Ltd. /
Infrassure reports their first quarter results
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The issuer is solely responsible for the content of this announcement.
In the first quarter of 2012, Infrassure had net premium written of CHF 36.4
million, a 30% increase on first quarter 2011 (CHF 28.2). Income before taxes
increased to CHF 6.9 million, a considerable improvement on the 2011 first
quarter (CHF -11.8). Net claims incurred remain high, with a continuing impact
from large losses sustained in 2011. There has been a further large loss in
2012 related to a wildfire in Chile, with an initial reserve of CHF 11.0
million. These losses have contributed to the current combined ratio of 107%
for the quarter, which is an improvement on the first quarter 2011 figure
(120%). The overall total financial income is CHF 9.9 million (2011 first
quarter CHF -2.8). This result has mainly been driven by the positive impact in
the unrealized investment income and an improvement in the FX impacts.
Infrassure reports in Swiss Franc.
1(st) quarter figures January to March 2012 (in CHF thousands):
Income statement
January to January to
March 2012 December 2011
Net premium written 36,395 163,126
Net change in unearned premium reserve 6,757 17,662
Net premium earned 43,152 180,788
Net claims incurred (39,341) (133,669)
Net underwriting result 3,811 47,119
Operating expenses (6,777) (29,350)
Financial and other income (loss) 9,894 (20,832)
Income (loss) before taxes 6,929 (3,063)
Net income (loss) after taxes 6,570 (3,127)
Net combined ratio 107% 90%
Number of employees 108 105
"Infrassure continues with its robust approach to underwriting and welcomes the
rate increases observed", said CUO Hans Zimmermann. "We look forward to
profitable development and margin improvements throughout the rest of 2012".
Note to editors:
For further information regarding Infrassure or their results please contact:
Media communications +41 43 500 12 48
Infrassure Ltd is an independent, prime infrastructure insurance specialist
providing reliable risk protection for power, energy and other infrastructure
projects and installations. Licensed in Switzerland and active worldwide,
Infrassure covers every stage of the insurance and reinsurance process, from
risk appraisal to claim settlement.
Infrassure's financial strength is validated by its A- (Excellent) financial
strength and credit rating by A.M. Best. Via its sister company Infrassure
Liechtenstein, based in Vaduz (A- Excellent rating from A.M. Best), Infrassure
is authorized to write insurance business in the EU and has Excess & Surplus
Lines Licenses in US States and has authorization to operate as an occasional
reinsurer in Brazil.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Infrassure Ltd. via Thomson Reuters ONE
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