Citadel Risk Group saw $24.52 million in earned premium last year, a 20 percent increase on 2016, according to the company’s full-year results for 2017.
The full year results also revealed a 114 percent increase in underwriting profit in 2017, up to $9.9 million from $4.6 million in 2016, and that net earnings for the year rose from $3.3 million to $6.7 million after tax over the same period.
Net assets for last year also rose on 2016, up 22 percent from $18.3 million to $22.5 million.
Citadel Risk Group’s combined loss ratio was 81 percent for 2017.
Tony Weller, group CEO, said the company was about stable, unadventurous underwriting and had seen a controlled upturn in deal numbers so far this year.
Weller commented: “I am delighted to report a return to a strong profit with a very much ‘steady as she goes’ course of trading.”
“A few other insurers have unexpectedly failed in 2018; our continued conservative methodology and actuarial reviews of every programme we write has meant we can continue to support our clients and brokers who deal with the management of mid to small sector risk.”
He added: “Citadel is very much a leader of ‘esoteric’ risk and we hope to continue this trend for the remainder of 2018.”
“A solid set of results and a large thank you to all our clients.”
