Related Companies

• Chaucer Holdings

Related Indices

• FTSE All-Share
• FTSE Small Cap

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• Insurance (non-life)

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Date: Thursday 28 Aug 2008

LONDON (ShareCast) - Lloyds underwriter Chaucer tumbled to its lowest in two years Thursday as above average claims sent half year pre-tax profit plunging 92%.

Profit before tax for the six months ended 30 June tumbled to £3.9m from £47.9m in 2007, reflecting “a difficult period for the business”.

Gross written income rose to £355.3m from £323.9m) and net premiums earned to £238.7m from £217.1m, but an “unprecedented” spate of high value single risk losses held back the firm’s underwriting performance.

“'The first half of this year has been tough, with a difficult investment environment and above average claims combining to hold back our headline result,” said boss Ewen Gilmour.

The company said it has not incurred any significant sub-prime or credit crunch related losses, but is prepared for an increase in claim frequency as economic conditions in the US and UK weaken.

It is forecasting premium rates for its divisional underwriting portfolio to fall by 6% in 2008.

“The board believes that the prospective returns for the remainder of 2008 and 2009 should be satisfactory for this stage of the market cycle,” added Gilmour.

“In addition to growth opportunities identified within the UK motor market, we believe that we are close to the bottom of the cycle for some key international classes, which should provide us with opportunities for further selective development of our business next year.”

The dividend rises 20% to 1.8p per share.

• News Channel