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LLOYD’S UPDATE - 2009 RESULTS & 2010 CAPACITY

Investment Return (reported currency)

Chart 9 – Investment Return

8%

5.9%

6%

4%

2%

0%

  • -

    2%

  • -

    4%

  • -

    6%

  • -

    8%

Amlin

2.7%

Beazley

    • 5.9

      %

    • 4.2

      %

Brit

Catlin 2008

4.3%

1.7%

Chaucer

Hardy 2009

7.2%

Hiscox

3.0%

Novae

2.8%

Omega

Source: Company data

Company

Currency

FY 2005

FY 2006

FY 2007

FY 2008

FY 2009

Change

Amlin

GBPmn

994

1,114

1,045

1,034

1,544

49%

Beazley

GBPmn

558

745

781

876

1,116

27%

Brit

GBPmn

1,206

1,236

1,265

1,395

1,696

22%

Catlin

USDmn

1,387

1,605

3,361

3,437

3,715

8%

Chaucer

GBPmn

484

594

584

741

796

7%

Hardy

GBPmn

111

106

148

173

242

40%

Hiscox

GBPmn

861

1,126

1,199

1,147

1,435

25%

Novae

GBPmn

244

281

333

349

404

16%

Omega

USDmn

32

116

243

265

266

0%

Underwriting Profit

Premium growth was enhanced by currency movements in the year, and Table 3 shows gross premiums written for the listed ILVs for the last five years. Underlying growth rates in 2009, where available, are shown in Chart 10 and reflect both the improved rating environment at the start of the year and a number of acquisitions. The strongest growth was at Amlin, which benefited from the completion of its acquisition of Amlin Corporate Insurance in July 2009, and contributed EUR236mn to gross premiums written. Beazley benefited from a full year’s contribution from Momentum Underwriting Management Ltd (acquired September 2008) and nine months’ contribution from First State (April 2009).

Source: Company data, Aon Benfield Research

Table 3 – Gross Premiums Written

Reporting

2009/2008

12

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