Infrassure Ltd. report their financial results for the third quarter ending 30 September, 2011
Infrassure reports a loss year to date in the third quarter of CHF 27.7 million. The financial performance in the third quarter has been the result of the continuing appreciation of the Swiss Franc, flooding of the Mississippi river in the USA, as well as a fire in an underground mine in Australia. The impact of the strong Swiss Franc was felt not only in the investment return (decrease of 1.3% for the period), but also in the reporting of the premiums written. Additionally, Infrassure continues to maintain a disciplined underwriting approach, and this has been reflected in the reduced volume of premium written.
3rd quarter figures January to September 2011
(in CHF thousands)*
| Income Statement | January to September 2011 | January to December 2010 |
| Net premium written | 126,533 | 195,078 |
| Net change in unearned premium reserve | 10,307 | -7,027 |
| Net premium earned | 136,841 | 188,051 |
| Net claims incurred | -117,201 | -130,677 |
| Net underwriting result | 19,640 | 57,374 |
| Operating expenses | -21,699 | -27,000 |
| Financial and other income (loss) | -25,603 | 8 |
| Income (loss) before taxes | -27,662 | 30,382 |
| Net income (loss) after taxes | -27,730 | 26,973 |
| Net combined ratio | 102% | 84% |
| Number of employees | 99 | 93 |
*unaudited figures
Based on the relatively quiet storm season, and the recent intervention of the Swiss National Bank, Infrassure expects that fourth quarter results will return to profitability in line with the prior record of the company.
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Infrassure Ltd is an independent, prime infrastructure insurance specialist providing reliable risk protection for power, energy and other infrastructure projects and installations. Licensed in Switzerland and active worldwide, Infrassure covers every stage of the insurance and reinsurance process, from risk appraisal to claim settlement. The company has authorization to operate as an occasional reinsurer in Brazil and has approval as a surplus lines insurer in the USA.
Infrassure Ltd’s financial strength is validated by its A- (Excellent) financial strength and credit rating by A.M. Best.