MS Amlin, the Lloyd’s global re/insurer and managing agent of Syndicate 2001, has reported strong financial results for its continuing business for the full year ending Dec. 31, 2024.
CEO Andrew Carrier (pictured above) said that despite significant claims activity, including losses from the Baltimore Bridge collapse and Hurricanes Helene and Milton, the company’s core underlying loss ratio allowed it to absorb these events within its results.
Underwriting profits for continuing business increased to US$250.4 million at constant exchange rates, up from US$224.7 million in 2023. The increase was attributed to premium growth and an improved attritional loss ratio, reflecting refined risk selection.
Carrier said profitability increased even after accounting for higher shock and event losses compared to the previous year.
In November, the re/insurer also reported a trend of growth, with insurance service profits from underwriting at £116 million, up from £45 million during the same period last year, reflecting a £71 million increase.
Net profit after tax rose by £83 million to £87 million, benefiting from improved investment returns and lower discounting volatility. The reduction in volatility was achieved through asset-liability matching strategies.
In 2024, MS Amlin saw gross written premiums rise to US$2,222.3 million, up from US$2,196.1 million in 2023. Net earned premiums increased by 14% to US$1,912.4 million, compared to US$1,679.4 million the prior year. The growth was driven by pricing adjustments and new business expansion across nearly all classes.
The combined ratio was 87.2%, compared to 86.6% in 2023. The attritional loss ratio declined to 43.3% from 47.6%, which the company said reflects the overall health and quality of its core business. The net claims ratio increased slightly due to higher claims activity, including hurricane losses and the Baltimore Bridge collapse.
The expense ratio continued to decline as business growth was achieved without additional costs. The acquisition cost ratio also fell, driven by a shift in business mix within the portfolio.
Outside of its financial growth, the Lloyd’s specialist re/insurer also announced the renewal of its Phoenix Re sidecar for the fifth consecutive year, increasing its available collateralized capacity to more than US$90 million.
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