Revenue and GWP improved on the motor supplier.
ERS has reported a revenue of £13.9m in 2019, up from £11.1m within the previous 12 months.
The specialist motor supplier additionally posted an increase in GWP to £360m (2018: £330m). ERS mentioned it noticed a 13% year-on-year improve in automobiles on cowl.
Nevertheless, the enterprise additionally revealed that its mixed working ratio had deteriorated to 99.7% (2018: 96.1%), which it mentioned mirrored the change within the Ogden low cost fee to -Zero.25%.
ERS additional famous that it continues to make investments in know-how. Throughout 2019, it rolled out insurer-hosted pricing throughout extra merchandise and made knowledge enrichment enhancements.
It added that over half of its industrial traces new enterprise is now traded on its eTrade platform for brokers, which was launched in 2018.
Final April, the insurer’s main shareholder, Aquiline, determined to not promote ERS after finishing a strategic assessment of the enterprise.
ERS CEO Ian Parker commented: “2019 was a troublesome 12 months for the business with distinctive claims inflations and Ogden impacting outcomes for the fourth 12 months in a row.
“While Ogden was out of our management, we continued to refine our ebook and give attention to the issues we are able to management. We invested in digital platforms the place worth and pace of service are key to profitable buying and selling and made big leaps ahead in our knowledge and analytics functionality, by constructing a brand new knowledge science staff to assist us underwrite the best dangers on the proper worth.”
He continued: “By 2020, we’ll proceed to give attention to our COR%. We have now sturdy underlying efficiency and in investments we’ve made in infrastructure and know-how, we’ve got the muse in place to attain our objectives and proceed to construct a track-record of outcomes.
“We absolutely count on to proceed to drive steady, worthwhile premium development”.
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