Our business lines

• Property ($M)

  

  Key highlights

  • Gross premiums written of $317.3 million (2008 – $302.7 million)
  • Loss ratio negative 3.1% (2008 – 37.1%)
  • Net underwriting income of $256.6 million (2008 – $137.2 million)
  • Significant expansion of Property Catastrophe Reinsurance
  • Performed very well – low incidence of large catastrophe and risk losses combined with prior year reserve releases

  Analysed by geographical zone:	$M
  Worldwide offshore	1.0
  U.S. and Canada	156.0
  Worldwide, including U.S. & Canada	51.5
  Europe	30.3
  Worldwide, excluding U.S. & Canada	35.1
  Far East	10.9
  Middle East	8.6
  Rest of World	23.9

• Energy ($M)

  

  Key highlights

  • Gross premiums written of $175.5 million (2008 – $185.2 million)
  • Loss ratio of 44.6% (2008 – 119.5%)
  • Net underwriting income of $60.8 million (2008 – $68.6 million loss)
  • One of the leading energy writers in the world
  • Significant reduction in Gulf of Mexico premium in 2009, given market environment
  • Respectable performance given level of energy sector risk losses during the year

  Analysed by geographical zone:	$M
  Worldwide offshore	154.9
  U.S. and Canada	2.2
  Worldwide, including U.S. & Canada	7.4
  Europe	3.5
  Worldwide, excluding U.S. & Canada	-
  Far East	2.1
  Middle East	3.3
  Rest of World	2.1

• Marine ($m)

  

  Key highlights

  • Gross premiums written of $73.7 million (2008 – $78.6 million)
  • Loss ratio of 38.7% (2008 – 54.0%)
  • Net underwriting income of $24.1 million (2008 – $13.1 million)
  • Book continues to be highly profitable
  • Focus remains on finding attractive niche areas whilst retaining caution for the sector as a whole

  Analysed by geographical zone:	$M
  Worldwide offshore	71.4
  U.S. and Canada	0.1
  Worldwide, including U.S. & Canada	-0.6
  Europe	2.1
  Worldwide, excluding U.S. & Canada	0.4
  Far East	0.2
  Middle East	-
  Rest of World	0.1

• Aviation ($m)

  

  Key highlights

  • Gross premiums written of $61.3 million (2008 – $71.6 million)
  • Loss ratio of 2.1% (2008 – 10.9%)
  • Net underwriting income of $48.5 million (2008 – $50.5 million)
  • Market lead on the majority of accounts
  • Continued absence of loss events drives performance

  Analysed by geographical zone:	$M
  Worldwide offshore	-
  U.S. and Canada	-
  Worldwide, including U.S. & Canada	60.9
  Europe	0.3
  Worldwide, excluding U.S. & Canada	-
  Far East	-
  Middle East	-
  Rest of World	-