Klapton Insurance Company Limited concluded the regulatory audit of its 2014 financial statements by the OFA (Anjouan Offshore Finance Authority) and published its statements, after the final approval by Klapton’s board of directors.
The Board is pleased to announce the 2014 results for Klapton which show both a profitable underwriting result and a net profit for the year. Both of these figures demonstrate a significant improvement after underwriting losses and a net loss in 2013.
Klapton maintains a strong capital base, with accumulated equity capital and reserves of over €40m and total assets were €66m.
Although GWP fell this was due to the strategic decision of the board to a shift from EEA incoming reinsurance premium to the Afro-Asian markets, which is borne out in the improved underwriting result.