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AON BENFIELD

Chart 10 – Growth in Gross Premiums Written

Amlin Hardy Beazley Hiscox Brit Novae Chaucer Catlin Omega

GPW growth

At constant exchange rates

0%

10%

20%

30% % Change

40%

50% 60%

Source: Company data, Aon Benfield Research

2009 was a relatively benign year for natural catastrophe claims and seven out of the nine ILVs saw an improvement in their combined ratio. As illustrated by Table 4, Omega and Hardy posted the biggest improvements, with falls in their combined ratios of 20pp and 13pp respectively. These reflected lower claims ratios due to the lack of U.S. hurricane activity. Only Novae saw its combined ratio increase as it was affected by insurance credit and aviation losses in the first half of 2009, most notably Air France.

FY 2005

FY 2006

FY 2007

FY 2008

FY 2009

Change

82.0%

72.0%

63.0%

76.0%

72.0%

-4.0pp

105.0%

88.0%

90.0%

90.0%

90.0%

0.0pp

105.2%

86.9%

92.7%

96.4%

94.0%

-2.4pp

103.1%

88.2%

84.1%

95.0%

89.1%

-5.9pp

101.5%

84.7%

82.6%

93.9%

93.0%

-0.9pp

92.7%

76.9%

80.5%

91.2%

78.1%

-13.1pp

96.0%

89.1%

84.4%

91.6%

82.2%

-9.4pp

104.1%

82.5%

91.7%

100.4%

105.0%

4.6pp

93.2%

78.8%

79.3%

101.4%

81.4%

-20.0pp

Table 4 – Combined Ratios

All the listed ILVs continued to benefit from the reserve releases in 2009, as illustrated by Table 5. However, for the majority of companies the level of releases was below those seen in 2008. Amlin released the highest level of prior year reserves relative to its net premiums earned, at 13.2%. This reflected a number of factors, including an adjustment in the reserving approach to Fleet Motor and Liability classes, reserve releases of EUR19mn from Amlin Corporate Insurance, the finalization of a number of large claims settlements and a generally better than expected claims development. The majority of Novae’s prior year reserve releases were from the 2007-08 years of account.

Company Amlin Beazley Brit Catlin Chaucer Hardy Hiscox Novae Omega

Source: Company data, Aon Benfield Research

2009/2008

13

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