The London subsidiary of AEGIS has announced a £27 million rise in reported Syndicate profit for 2021 to £87 million, as the company prepares for the departure of its Chief Executive Officer (CEO), David Croom-Johnson, in June 2022.
The rise in profit came alongside a 9% year-on-year increase in premium gross of commissions to £774 million.
At the same time, AEGIS London has reported a combined ratio of 83.9% for 2021, which is an improvement on the 91.6% posted a year earlier.
The company explains that the profit for the closing 2019 year of account was £47 million, which is up £7 million on the reported profit for the 2018 year of account.
“This is a strong result and testimony to our core principle of disciplined underwriting,” said Croom-Johnson.
He has served as the company’s CEO since 2015, but is set to retire on June 30th, 2022, and be succeeded by Alex Powell, subject to regulatory approval.
During Croom-Johnson’s tenure, written premiums of commissions have grown 132% since 2015.
“It has been an honour and a privilege to lead AEGIS London over the past 7 years and now seems the natural time to step aside. I will be leaving the Syndicate as a top quartile performer in the excellent hands of a high-quality management team led by Alex with whom I have worked for many years and who has been a major contributor to our success to date.
“I would like to thank our parent, AEGIS, our Board of Directors and the team at AEGIS London for all the support I have received during my tenure,” he added.
Bill Cullen, President and CEO of AEGIS, commented: “David has been a part of AEGIS London from the very beginning. We thank him for his 20 years of service and all of his contributions to the Syndicate’s success.”
Tom Busher, Non-Executive Chair of AEGIS London, noted: “I would like to thank David for his commitment to AEGIS and to the development of the Syndicate and its employees. He has helped to create and lead a first-class business during a period of significant change, all the while displaying his customary humanity.
“In Alex we have a worthy successor who will carry forward the Syndicate’s hallmark reputation for continuity, client service and sustainable underwriting excellence.”
Incoming CEO Powell, added: “I am delighted to take up the leadership of our talented team at AEGIS London. The success of the business, under David’s stewardship, has been deeply rooted in a strong culture of underwriting discipline and empowerment and I am keen that we not only preserve this foundation but build on it to provide our future success.”
