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Citadel Risk is on target for its second consecutive year of significant profits following strong third quarter results.
The Q3 results revealed that, despite some difficult investment conditions, a consolidated profit after tax of $2.54 million as of September 2018 meant that the company’s net assets had reached a milestone $25 million.
Impressive results from 2018 new business and insurance services, particularly from the run-off of a US general liability portfolio, resulted in a satisfactory ‘combined ratio after other income’ of 86 percent, an increase from 83 percent in 2017.
Net earned premium, which was $18.1 million in Q3 2018, continues to be tightly controlled and is in line with the $16.9 million in Q3 2017 and the company budget.
American Millennium Insurance is on course for a seventh consecutive profitable year, with US operations benefitting from providing increased administration services and lower US federal income tax rates.
Following the sale of renewal rights in September 2017, Great Falls Insurance continues to run off well.
Citadel CEO Tony Weller said that despite the “disappointing” downgrade of its A.M. Best ratings in November, the results show “strong growth and are on course with projected incomes”.
He added: “2018 looks to be another solid year with profits in all sectors of our business.”
“Continued discipline with underwriting and reserving mean a return to our $25 million asset base"