Infrassure announces half-year figures 2013
(Thomson Reuters ONE) -
Infrassure Ltd. /
Infrassure announces half-year figures 2013
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The issuer is solely responsible for the content of this announcement.
Infrassure has a net written premium of CHF. 58.6m, lower than the same period
last year. The current highly competitive market and tough terms and conditions
which are being experienced in our niche market have had an impact.
The first half year has seen an excellent loss ratio of 33%, but considerable
increases in the amount of prior year reserves relating to Hurricane Sandy have
also had an impact on the bottom line.
The investment performance for the first 6 months, based on fair-market value,
positively contributes with an investment yield of 5.2% to the overall result.
The good performance is based on the continuing strong equity markets and the
weakening of the Swiss Franc against the US Dollar and Euro.
"We have made changes within the company at senior management level and believe
we have an organization which will allow us to reach the level of penetration in
the insurance world of which we are capable", said William Bachmann, CEO at
Infrassure. "Infrassure continues to work with disciplined underwriting as a
key factor in managing its portfolio and we are ready for the challenges which
lie ahead".
Key facts and figures
June December
Figures in millions CHF 2013 2012
Gross premium written 66.3 167.1
Reinsurance premium written (net of (0.1) (0.4)
commission)
Net premium written 58.6 146.6
Net claims incurred (76.7) (174.0)
Income (loss) before taxes (10.7) 1.7
Shareholders' equity 172.1 182.9
Ratios in % 2013 2012
Net combined ratio 136.0% 124.5%
Return on equity (6.2%) 0.1%
Swiss Solvency Test (SST):
Risk-bearing capital as % of target * 175%
capital
Supplemental information 2013 2012
Number of employees 104 110
Financial strength rating by AM Best A- (Excellent) negative outlook
* In accordance with Swiss Financial Market Supervisory Authority (FINMA)
guidelines SST figures are reported at the end of April
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) 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 and Surplus Lines Licenses in US
States and has authorization to operate as an occasional reinsurer in Brazil.
Infrassure Ltd., Uetlibergstrasse 134A, CH-8045 Zürich, Switzerland. Tel:
+41 43 500 12 00 /info(at)infrassure.com / www.infrassure.com
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#1721654]
Unternehmensinformation / Kurzprofil:
Datum: 08.08.2013 - 07:00 Uhr
Sprache: Deutsch
News-ID 285822
Anzahl Zeichen: 4818
contact information:
Town:
Zurich
Kategorie:
Business News
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