Advent Capital announces profit increase
Advent Capital, a leading Lloyd’s insurer which manages and participates on Syndicate 780, the property insurance syndicate specialising in catastrophe business, has recorded an increase in profit before tax of £7.6m (€5.3m), up to £10.1m (€14.9m) in the first half of 2006.
During the first six months of 2006, market conditions in the company’s principal lines of business have been among the best that the AIM-listed company has experienced.
Brian Caudle, executive chairman said: “We have adjusted our business model to ensure that we take advantage of the market conditions which now exist. This model will help us to better withstand major catastrophes while also capitalising on better pricing, coverage terms and conditions, including higher deductibles.
"We are excited by the opportunities being presented in this current trading environment and look to take full advantage and at the same time keep to our plan of reducing peak exposures to major catastrophes.”
Although management still awaits the hurricane season, a benign claims environment, one of the lowest since 1993 with relatively few attrition or catastrophe losses, provided a good start to 2006.
In line with this year's business plan, the company has significantly reduced aggregate catastrophe exposures while obtaining better coverage terms and conditions, including higher deductibles.
