Infrassure Ltd. reports solid performance
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Infrassure Ltd. /
Infrassure Ltd. reports solid performance
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Zurich October 12, 2010 - Infrassure Ltd. today reported a solid performance for
the nine months ended September 30(th) 2010. The underwriting performance was
robust despite a loss ratio of 66% at the end of September which was driven
mostly by natural catastrophes, predominantly the earthquakes in Chile and
Haiti. The total incurred losses year-to-date from these events amount to CHF
29 million. Infrassure's capital and solvency position continues to be very
strong, reinforcing a well diversified portfolio and focused underwriting, based
on engineering expertise and insurance capabilities.
In CHF millions, for the nine months ended September 30*
Jan. to Sep. Jan. to Sep.
2010 2009
Net premium written 157'466 146'338
Net earned premium 141,308 150,008
Net claims incurred -92'929 -60'033
Operating costs -20'215 -19'852
Income before taxes 33'543 85'688
Combined ratio (net) 80% 53%
* Unaudited
The net premium written increased by 8% compared to the same period the previous
year. This was driven mostly by retention and growth of business in the Oil &
Petrochemical Sector. The total investment return dropped to CHF -13 millions
compared to CHF 17 millions in the same period of the previous year, primarily
as a result of unrealized and realized foreign exchange losses driven by the
strong appreciation of the Swiss Franc as well as a decrease in unrealized
market gains.
Commenting on the company's performance, Infrassure's Chief Underwriting Officer
Hans Zimmermann said: "The current environment is particularly challenging for
the construction business, with many projects being put on hold worldwide due to
the debt crisis. We nevertheless achieved a combined ratio of 80% which is the
result of our strategy of strong engineering and insurance capabilities and
strict underwriting discipline. Our 57 Underwriting and Claims Managers continue
to offer expert advice to selected companies within the energy, power and
infrastructure industries".
Note to editors:
Supplemental financial information, including information on the business
regions and the discrete third quarter is available on our web site
www.infrassure.com. Please click on the "October 2010 Infrassure releases third
quarter results" link on the right side of our homepage.
For further information regarding Infrassure or their results please contact:
Media communications +41 43 500 12 48
Infrassure Ltdis 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 46 US States
[HUG#1451291]
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Infrassure Ltd.
Uetlibergstrasse 134A; P.O. Box 5089 Zurich Switzerland
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originality of the information contained therein.
Source: Infrassure Ltd. via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 12.10.2010 - 17:49 Uhr
Sprache: Deutsch
News-ID 45292
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contact information:
Town:
Zurich
Kategorie:
Business News
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