Infrassure Ltd releases half-yearly figures
(Thomson Reuters ONE) -
Infrassure Ltd. /
Infrassure Ltd releases half-yearly figures
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The issuer is solely responsible for the content of this announcement.
Infrassure has produced a year-to-date net written premium of CHF 88.3m and a
net profit of CHF 4.9m. However, the overall result has been negatively
impacted by four large losses for which significant initial reserves have been
allocated pending further developments and investigations. The claims incurred
for the first half-year are at CHF 78.3m. The net combined ratio stands
currently at 109%, a figure which Infrassure expect to improve in the second
half of the year. Investments have given positive impact to the income statement
with a considerable improvement on last year's results.
"Four losses, one of which was a natural peril - a forest fire in Chile - have
been significant in influencing our result in the first half", said Hans
Zimmerman, Chief Underwriting Officer at Infrassure. "As for the outlook, our
steady growth in our chosen sectors continues apace, and whilst we are not where
we would like to be, we are confident that the risk approach which has been a
feature of Infrassure underwriting will improve substantially our results in the
second half of the year".
Facts and figures
Figures January to June
2012 (in CHF thousands):
Income Statement: January to January to
June 2012 December 2011
Net premium written 88,388 163,126
Net change in unearned
premium reserve (4,102) 17,662
Net premium earned 84,286 180,788
Net claims incurred (78,309) (133,669)
Net underwriting result 5,978 47,119
Operating expenses (13,823) (29,350)
Financial and other income
(loss) 12,950 (20,832)
Income (loss) before taxes 5,105 (3,063)
Net income (loss) after
taxes 4,879 (3,127)
Net combined ratio 109% 90%
Number of employees 108 105
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
[HUG#1629211]
Unternehmensinformation / Kurzprofil:
Datum: 25.07.2012 - 12:52 Uhr
Sprache: Deutsch
News-ID 168595
Anzahl Zeichen: 4519
contact information:
Town:
Zurich
Kategorie:
Business News
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