specialty lines report
Global Head Of Casualty - London/Paris
2014 was our most successful year so far closing at USD 22.7m of written premium, which was diversified across Liability, Motor Liability, Bancassurance, Extended Warranty Group Personal Accident, Agriculture and Mass Health product lines.
New capacity, particularly within Lloyd’s, has done little to stifle the declining rates within the liability market. Frustratingly this has meant that we have not been able to grow this element of the portfolio in the way we had anticipated. Having reported at this stage last year that we were seeing small signs of upward rate movement we are now back to flat renewals and the monotony of declining rates. We will continue to be mindful when deploying our capacity whilst we sit tight and wait for an overdue change in the market.
The stagnation in our liability portfolio has allowed us to focus attention on our programme business such as Bancassurance, Mass Health, Group Personal Accident, Extended Warranty and Agriculture where we have achieved measurable success. Continued travel to Eastern European and African countries as well as India has, in part, assisted with this progression.
We will continue throughout Europe, MENA and Asia to focus our underwriting strategy on specialty lines of business and niche sub classes which are non-correlating and where members of our underwriting team are seen as leading experts.
We expect that opportunities in 2015 will allow for the continued development of our portfolio of classes and may bring some stability within the liability arena.