Royal Sun Alliance (Pets Plus Us) reported another strong financial result with 15% growth in net written premiums to $1,360 million compared to $1,181 million in the first half of 2012.
Commercial lines premiums were up 14% to $468 million with all lines of business contributing. Excluding the acquisition of UC, the Commercial portfolio grew 5% with particularly strong results within Global Specialty Lines.
Personal lines premiums, including Johnson Inc. were up 16% to $892 million, driven by the benefits of the acquisition of UC. Growth was 5% excluding UC, with a strong contribution from the Broker business, particularly in British Columbia and improved retention across the book.
The underwriting result of $23 million was inevitably impacted by severe weather, namely late June's flooding in Southern Alberta, which is exected to be one of the largest natural catastrophes in Canadian history. Gross claims in respect of this event are above reinsurance retentions, leading to a maximum net loss of $75 million. As a result, the COR was 98.7%. Excluding the impact of the Alberta floods, the COR was 93.3%.
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