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A Sydney-based specialty insurer has reported sound results for the 2018 calendar year.
APRA-authorised Assetinsure posted a $5.4 million profit before tax for 2018, down from the $7.8 million profit it reported the previous year. The company said the main reason it did not reach the level achieved in the 2017 was because of additional expenses incurred due to issues related to its owner, CBL Group.
Assetinsure’s solvency ratio continues to be very strong compared to other general insurers in the Australian market, at 2.59 as of Dec. 31, 2018.
“The company has developed good momentum in its ongoing specialist areas of business which include surety, credit enhancement, builders’ warranty, the Cover Genius Programme, and Enthusiast Motor,” Assetinsure said. “Total gross written premium generated by the company (written directly or acting as agent for its insurance partners) increased from $77 million in 2017 to $109 million in 2018.”
