Infrassure Ltd. announces 1st quarter figures.
(Thomson Reuters ONE) -
Infrassure Ltd. /
Infrassure Ltd. announces 1st quarter figures.
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The issuer is solely responsible for the content of this announcement.
Zurich April 18, 2010 - Infrassure Ltd. today reported their financial results
for the first quarter which ended March 31(st) 2011. The underwriting result was
substantially impacted by the earthquake and tsunami in Japan, but with
negligible impact from the earthquake in New Zealand and the flooding in
Australia. Infrassure has booked provisional loss reserves for the Japanese
catastrophe amounting to CHF 16.9m, equaling 37% of the total loss ratio in Q1
2011.
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|1st quarter figures January to March 2011 (in CHF | | |
|thousands): | | |
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| | | |
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+-----------------------------------------------------+----------+-------------+
|Income Statement: |January to| January to|
| |March 2011|December 2010|
+-----------------------------------------------------+----------+-------------+
| | | |
+-----------------------------------------------------+----------+-------------+
Net premium written 28,166 195,078
Net change in unearned premium reserve 17,235 -7,027
+-----------------------------------------------------+----------+-------------+
|Net premium earned | 45,402| 188,051|
+-----------------------------------------------------+----------+-------------+
|Net claims incurred | -46,602| -130,677|
+-----------------------------------------------------+ | |
Net underwriting result -1,200 57,374
| | | |
| | | |
+-----------------------------------------------------+----------+-------------+
|Operating expenses | -7,874| -27,000|
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+-----------------------------------------------------+----------+-------------+
|Financial and other income | -2,679| 8|
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+-----------------------------------------------------+----------+-------------+
Income (loss) before taxes -11,753 30,382
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Net income (loss) after taxes -11,817 26,973
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Net combined ratio 120% 84%
* = Unaudited
The net premium written decreased in the first quarter by 51.8% compared to the
same period last year. The main factors contributing to this decline were
disciplined underwriting in the face of the soft market as well as the strong
appreciation of the Swiss Franc in relation to the US dollar and the Euro. The
US$ declined 13.1% and the Euro 8.9% compared to the first quarter in the
previous year. The total investment income for the period incorporates a
decrease in investment return from 4 m. in the previous year to CHF 1.4
million in the same period of the current year. A major component was the
decline in the value of the bond portfolios caused by the ongoing European debt
crisis.
Commenting on the company's performance, Infrassure's Chief Underwriting Officer
Hans Zimmermann said: "The natural catastrophe which occurred in Japan has
inevitably had an impact on our results for the first quarter of 2011. Whilst
the current reserves are preliminary, we are not anticipating any major
adjustments from our current loss figures. We extend our deepest sympathy to
those directly affected by the earthquake and tsunami," said CUO Hans
Zimmermann".
Note to editors:
Supplemental financial information, including information on the business
regions and the discrete first quarter is available on our web
sitewww.infrassure.com. Please click on the "March 2011: Infrassure releases
first 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 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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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Infrassure Ltd. via Thomson Reuters ONE
[HUG#1507454]
Unternehmensinformation / Kurzprofil:
Datum: 18.04.2011 - 18:02 Uhr
Sprache: Deutsch
News-ID 53675
Anzahl Zeichen: 7866
contact information:
Town:
Zurich
Kategorie:
Business News
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