Infrassure release third quarter 2013 figures
(Thomson Reuters ONE) -
Infrassure Ltd. /
Infrassure release third quarter 2013 figures
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The issuer is solely responsible for the content of this announcement.
Infrassure is pleased to announce the third quarter figures for 2013, with a
satisfactory result of income before taxes of 17.6 m. Return on equity has shown
good results, investments have been fairly buoyant and will continue to benefit
over the longer term from rising rates. There is a considerable improvement in
the net combined ratio, from 124.5% at the end of 2012 to the current standing
of 105.5%. Catastrophe claims have been low during the year to date, resulting
in a major reduction in the claims burden.
Infrassure has made a smooth transition to a new organizational structure, which
was completed by the set date of 1(st) October. As a result of the transition,
underwriting activities are now managed in three Industry Groups (Natural
Resources, Power & Industrial Property, and Construction) which have been
designed to increase market alignment. A dedicated claims department has been
established to focus on the efficient management of claims.
Infrassure is confident that it is in a good position to finish the year with a
continuing improvement to the net premium and a strengthening of their market
position within its chosen niche.
Colm Kelly, Chief Underwriting Officer said, "It has been a challenging year in
worldwide construction with private companies and governments waiting for signs
of a more sustainable improvement in the economy with a consequential impact on
our premium generation in this targeted sector. Industrial Business has been
spared major natural catastrophes from hurricanes and storms in 2013, which is
obviously reflected in our claims figures. However, we have raised and continue
to hold substantial reserves in order to meet outstanding claims incurred in
2012".
Key facts and figures
September December
Figures in millions CHF 2013 2012
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Gross premium written 93.5 167.1
Reinsurance premium written (net of commission) (0.1) (0.4)
Net premium written 81.7 146.6
Net claims incurred (81.4) (174.0)
Income before taxes 17.6 1.7
Shareholders' equity 198.7 182.9
Ratios in % 2013 2012
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Net combined ratio 105.5% 124.5%
Return on equity 8.0% 0.1%
Swiss Solvency Test (SST):
Risk-bearing capital as % of target capital * 149%
Supplemental information 2013 2012
----------------------------------------------------------------------------
Number of employees 98 110
Investments at fair market value
*In accordance with Swiss Financial Market Supervisory Authority (FINMA)
guidelines SST figures
are reported at the end of April
Infrassure's financial strength is validated by its A-(Excellent) negative
outlook financial strength and credit
rating by A.M.Best
For further information regarding Infrassure or their Media communications
results please contact:
+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. The company has authorization to operate as
an occasional reinsurer in Brazil and has approval as a surplus lines insurer in
the USA.
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#1739746]
Unternehmensinformation / Kurzprofil:
Datum: 01.11.2013 - 07:01 Uhr
Sprache: Deutsch
News-ID 311676
Anzahl Zeichen: 5444
contact information:
Town:
Zurich
Kategorie:
Business News
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