Amlin Swings Into Bigger-Than-Estimated Full-Year Loss
Amlin Plc (AML), the biggest Lloyd’s of London insurer by market value, posted a bigger-than-estimated full-year loss after the worst year for natural catastrophes on record.
The net loss was 149.9 million pounds ($237 million), compared with a 221.8 million-pound profit a year earlier, the London-based insurer said in a statement today. That missed the 146 million-pound loss estimated by 13 analysts surveyed by Bloomberg.
“2011 was an exceptionally challenging year for Amlin,” Chief Executive Officer Charles Philipps said in the statement. “We expect to return to a good level of profitability in 2012.”
Amlin said it would miss analyst estimates in August after earthquakes in Japan and New Zealand, windstorms in the U.S. and flooding in Thailand made 2011 the most costly year on record for insurers. Amlin sells more policies outside the U.S. than its rivals, making it worse hit by the catastrophes, Philipps said last year. The U.S. is typically the biggest source of revenue for Lloyd’s insurers.
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