Amlin plc released its results for the year ended 31 December 2012 yesterday.

Having fallen into loss in 2011 following severe catastrophe losses in Japan, New Zealand, Australia and Thailand, the company has returned to profit for 2012, recording a profit before tax of £264.2m (2011 £193.8m loss). The combined ratio (an indication of underwriting profitability) fell form 108% to 89%. Gross premiums increased by 4.4% to £2,406m, with average rate increases being reported as 3.7%. More than 75% of the renewal portfolio was at better than expiring terms. Pricing for catastrophe reinsurance reacted strongly to the losses of 2011, rates for US commercial property continue to improve steadily and there ahs also been improvement in the UK commercial sector. A summary of average rating levels since 2000 is attached.

Amlin has slightly reduced the estimate cost of Hurricane Sandy, from $145m advised in December to $141.6m, although continues to hold reserves at the upper end of cedants' advised range.

Amlin also announced the acquisition of RaetsMarine, a managing general agent ranked in the top three global providers of fixed premium P&I business. Amlin has written the majority of RaetsMarine's business for the last ten years.

The full results can be found here and the analysts presentation pack here

Last week, Hiscox Limited announced its results for the year. Profit for the year increased from £17.2m to £217m, with the London market division (which includes Syndicate 33) delivering a profit of £122m. The group's combined ratio fell from 99.5% to 85.5%. While gross written premium increased from £1,449.2m to £1,565.8m

The report marked the end of Robert Hiscox's 43 year tenure as group Chairman, he will be succeeded by former Syndicate 33 Active Underwriter, Robert Childs and will take the role of Honorary President. His final report includes some observations on the changes to the business and its regulation over that time.

The group announced a £200m return of capital (including final dividend).

The full results can be found here and the analysts presentation pack here