November 15, 2012 / 7:36 AM / in 5 years

Insurer Amlin says sales up 11 pct

LONDON, Nov 15 (Reuters) - Lloyd’s of London insurer Amlin said its sales rose 11 percent in the first 10 months of 2012, helped by an increase in the price of catastrophe insurance following a surge of claims last year.

Amlin, the biggest of the listed British insurers operating at Lloyd‘s, had total premiums of 2.28 billion pounds ($3.61 billion) over the period, with prices rising by an average of 3.8 percent, it said on Thursday.

The insurer added it was “well placed” to absorb claims from Hurricane Sandy, but did not provide an estimate of how much it will have to pay out.

Sandy, which struck the north eastern United States last month, is expected to cost the insurance industry about $20 billion, making it one of the costliest hurricanes on record.

Amlin shares closed at 367 pence on Wednesday, valuing the company at about 1.8 billion pounds. The stock has risen 17.5 percent so far this year, broadly in line with the FTSE non-life insurance index

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