Full year results for the year ended 31 December 2019

Full year results for the year ended 31 December 2019


Full Year results for the Year ended 31 December 2019
A return to profit driven by a strong underwriting performance

Key points

  • Gross written premiums of US$2,293.5m (2018: US$2,239.1m), a 2.4% increase (3.4% at constant FX rates).
  • Risk adjusted premium rates increases on renewal business of 5.9% (2018: 3.7% increase).
    Combined ratio1 of 95.8% (2018: 103.3%), including 3.6 percentage points of major losses (2018: 12.0pps).
  • No material change in overall net major loss estimates for 2017 and 2018 events.
  • Return on invested assets2 after fees of US$148.1m or 3.6% (2018: -US$82.1m or -2.0%).
  • Profit on ordinary activities before the impact of FX and tax of US$183.0m (2018: loss of US$181.2m).
  • Profit after tax of US$179.9m (2018: loss of US$166.5m) and RoNTA3 before FX movements of 18.1% (2018: -14.4%).
  • Adjusted net tangible assets4 of US$1,150.4m (2018: US$992.9m).
  • Strong capital ratio5 of 128.4% (2018: 130.4%).
  • Continued implementation of our strategy, including:
    • Brit managed third party capacity on Sussex, Versutus II and Syndicate 2988, expanded to over US$440m for 2019 (2018: US$400m);
    • Completed the acquisition of Ambridge Partners LLP, one of the world’s leading MGUs of complex risks, based in New York; and
    • Significant strategic investment in Sutton Special Risk Inc., a leading Toronto based MGU specialising in Accident & Health business.