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May 6 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings says in a new report that it expects margins for some London market insurance classes to come under pressure through 2014. This includes excess and surplus lines, which have seen increased competition from (re)insurers looking to diversify their underwriting portfolios away from less profitable insurance classes.
Fitch expects combined ratios of the London market insurers to remain below 90% in 2014 in the absence of major catastrophic losses. Results reported for 2013 showed that the majority of the London market’s specialist business lines continued to yield strong technical results, with average combined ratios remaining well below 100% over a five-year period, with the exception of motor lines.
The ‘UK Non-Life: London Market Comment Dashboard’ is available at www.fitchratings.com or by clicking on the link below
Link to Fitch Ratings’ Report: UK Non-Life: London Market Comment