AEGIS London, a Lloyd’s of London managing agency, has announced that its managed syndicate recorded a 7% rise in profit in 2019 to £31.1 million, compared with £29.1 million a year earlier.
The year-on-year increase in profit reported by AEGIS was achieved in spite of foreign exchange losses of £5 million.
The growth comes on the back of higher recorded gross written premiums (GWP) in the year, which before commission reached £653.2 million in 2019, up 18% on the £555.2 million recorded in 2018.
The company’s combined ratio for the year totalled 96.8%, which represents a slight weakening from the 94% reported a year earlier.
Managing Director of AEGIS London, David Croom-Johnson, said: “This is a strong result driven by a focus on disciplined underwriting in a rising market and good investment returns. Our combined ratio is better than that achieved by many other London market players and points to controlled profit growth, an emphasis on portfolio management and a conservative reserving philosophy. These combined have seen AEGIS London in the top quartile of Lloyd’s performers for a decade.
“In the long term, our strategy remains founded on a two-pronged approach: writing complex risks in the traditional Lloyd’s manner while bringing new business into the market via our awarding winning quote and bind platform Opal – business that would not normally be written in London.
“AEGIS London is well placed to take advantage of the opportunities that are being presented to us in an improving underwriting landscape.”
