Bloomberg News

Amlin Says 10-Month Revenue Rose 11%, ‘Well Paced’ for Sandy

November 15, 2012

Amlin Plc (AML), the second-biggest Lloyd’s of London insurer by market value, said revenue rose 11 percent and said it’s “well placed” to absorb claims from Hurricane Sandy.

Revenue in the 10 months to Oct. 31 climbed to 2.28 billion pounds ($3.6 billion) from 2.05 billion pounds, London-based Amlin said today in a statement.

Hurricane Sandy slammed into New York and New Jersey Oct. 29, barreling through the most populous region of the U.S. Sandy caused as much as $50 billion in economic damage, according to Eqecat Inc., a provider of catastrophic risk models. The storm killed more than 100 people, displaced thousands and knocked out power to millions.

“While the complexity surrounding Hurricane Sandy means that it will take time to establish a meaningful estimate of loss, we believe it will be readily absorbed and that it will help continue the improvement in U.S. property insurance rates that has been evident so far this year,” Chief Executive Officer Charles Philipps said in the statement.

To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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