Infrassure release third quarter 2013 figures
November 1, 2013 - London
Infrassure Ltd. /Infrassure release third quarter 2013 figures. Processed and transmitted by Thomson Reuters ONE.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 1st 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|
|Figures in millions CHF||2013||2012|
|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|
|Ratios in %||2013||2012|
|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%|
|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 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. The company has authorization to operate as an occasional reinsurer in Brazil and has approval as a surplus lines insurer in the USA.
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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