UK-based RSA Insurance, which owns P&I fixed premium business Lodestar Marine, said yesterday that “targeted growth in our Marine and Property portfolios helped offset shrinkage in Commercial Motor as a result of strong underwriting actions.”
RSA’s H1 figures revealed that in its UK and international division its “marine and other” net written premiums rose to £207m in H1, from £175m in the same period last year. The underwriting result deteriorated to £7m, from £10m. The combined ratio rose to 96.0%, from 93.8% in H1 2016. In the Canadian division NWP rose to £25m, from £21m in the same period last year, and the underwriting result improved to £3m, from £1m. The combined ratio in the Canada division improved to 89.2%, from 95.5%. Marine and other made up just under 12% of the company’s total net written premiums and just over 7% of its underwriting result.