Infrassure reports solid performance for 2010
(Thomson Reuters ONE) -
Infrassure Ltd. /
Infrassure reports solid performance for 2010
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Infrassure Ltd. recorded results in line with expectations for 2010 with gross
premium written of CHF 234.8 m (+3.8%). This was comparable to 2009, but there
was a substantially larger claims burden for the year, driven partly by the
earthquakes in Chile and Haiti, and the floods in Australia. This led to a
combined ratio of 84% and a return on equity of 13%.
Total investment return and dividend income, together with unrealized market
gains and foreign exchange losses decreased significantly to CHF 2.9 m compared
to CHF 11.6 m in the previous year. The drop in the rate of exchange for the US
dollar and the Euro against the Swiss Franc has had a significant impact on
year-end figures. The unrealized investment income was considerably lower than
in the previous year, driven by the lower performance of the financial markets
in Europe and the United States of America.
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.
Commenting on the current situation, Infrassure CEO William Bachmann said: "The
slow recovery in the global economy means that we have yet to see a consistent
rebound in industry. Our premiums were split between construction and
operational business at 32% and 68% respectively, which is similar to last
year. However, whilst the construction business has some way to go before we
can talk of a full recovery, there is a slight upward trend in the figures. As
the need to build, improve and maintain infrastructure becomes imperative we are
well positioned to take advantage of any developments".
Key facts and figures
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Figures in millions CHF 2010 2009
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Gross premium written 234.8 226.2
Reinsurance premium written (net of commission) -5.5 -17.9
Net premium written 195.1 182.0
Net claims incurred -130.7 -72.0
Income (loss) before taxes 30.4 108.1
Shareholders' equity 200.3 197.4
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Net combined ratio 84% 50%
Return on equity 13% 49%
Number of employees 93 84
Note to editors:
Supplementary financial information, including details on the business regions
is available on our web site www.infrassure.com/ Infrassure releases Annual
Report 2010.
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.
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.
--- End of Message ---
Infrassure Ltd.
Uetlibergstrasse 134A; P.O. Box 5089 Zurich Switzerland
This announcement is distributed by Thomson Reuters on behalf of
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(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#1492735]
Unternehmensinformation / Kurzprofil:
Datum: 28.02.2011 - 10:00 Uhr
Sprache: Deutsch
News-ID 51955
Anzahl Zeichen: 5414
contact information:
Town:
Zurich
Kategorie:
Business News
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