Infrassure Ltd.: Press release April 2013
(Thomson Reuters ONE) -
Infrassure Ltd. /
Infrassure Ltd.: Press release April 2013
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
Following a promising result at the end of the financial third quarter in 2012,
Infrassure reports that a large exposure to Windstorm Sandy, in addition to
substantial reserve increases for previously incurred losses, led to a final
loss for the year of CHF 6.7 million (USD -6.2m). Due to general market
conditions, Infrassure continued to reduce capacity deployment and net premium
written closed at CHF 147 million, a 10.1% drop compared to 2011. Despite a
disappointing combined ratio of 124.5% for 2012, Infrassure has identified
various pockets within its niche which have delivered good results, and which
continue to show good potential in 2013. Thus, management will promote expanded
activity in those areas. Additionally, financial activities provided a CHF
34.8 million contribution in 2012. While the market perspective for equities,
bonds and currencies contains mixed signals, the first half of 2013 look
promising for Infrassure's well balanced portfolio, and should continue to
provide positive support to our results.
"Naturally, the results of the past two years have been disappointing.
Nonetheless, having weathered a combination of multiple natural catastrophes of
large magnitude, as well as extremely volatile financial markets - particularly
in the Swiss Franc currency markets - we feel vindicated that our policies and
procedures are robust," said CEO William Bachmann. "Moreover, having paid claims
of more than CHF 252 million combined in 2011 and 2012, Infrassure has clearly
substantiated its business proposition of delivering what it has promised.
Lastly, our customers can be assured of our ongoing commitment to deploy our
substantial technical expertise to structure sustainable insurance coverage for
their complex and difficult to manage risks".
Key facts and figures
----------------------------------------------------------------------
----------------------------------------------------------------------
Dec Dec
----------------------------------------------------------------------
Figures in millions CHF 2012 2011
----------------------------------------------------------------------
----------------------------------------------------------------------
Gross premium written 167.1 187.3
Reinsurance premium written (net of commission) (0.4) (2.6)
Net premium written 146.6 163.1
Net claims incurred (174.0) (133.7)
Loss before taxes (5.2) (3.1)
----------------------------------------------------------------------
Figures in % 2012 2011
----------------------------------------------------------------------
Net combined ratio 124.5% 90.2%
Return on equity (3.9%) (1.7%)
Number of employees 110 105
----------------------------------------------------------------------
Figures in % 2012 2011
----------------------------------------------------------------------
Swiss Solvency Test (SST):
Risk-bearing capital as % of target capital * 175%
*In accordance with Swiss Financial Market Supervisory Authority (FINMA)
guidelines SST figures are reported at the end of April.
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. The company has authorization to operate as
an occasional reinsurer in Brazil and has approval as a surplus lines insurer in
the USA.
Infrassure's financial strength is validated by its A- (Excellent) financial
strength and credit rating by A.M. Best.
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#1692995]
Unternehmensinformation / Kurzprofil:
Bereitgestellt von Benutzer: hugin
" alt="Ridgeline Completes Acquisition of Missouri FacilityDatum: 15.04.2013 - 10:54 Uhr
Sprache: Deutsch
News-ID 248867
Anzahl Zeichen: 5343
contact information:
Town:
Zurich
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 159 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Infrassure Ltd.: Press release April 2013"
steht unter der journalistisch-redaktionellen Verantwortung von
Infrassure Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
