London, UK — AEGIS London, a subsidiary of AEGIS (Associated Electric & Gas Insurance Services Limited), reports a Syndicate profit of £87m, up £27m on 2020’s figure of £60m. Premium gross of commissions is £774m, an increase of 9% on 2020’s premium of £708m. This is subject to audit approval.
AEGIS London’s combined ratio for 2021 of 83.9% is an improvement of 7.7 points on 2020’s ratio of 91.6%. The profit for the closing 2019 year of account was £47m, up £7m on the reported profit for the 2018 closing year of account of £40m.
AEGIS London also announced that David Croom-Johnson, Chief Executive Officer since 2015, will retire on 30 June 2022 when he will be succeeded by Alex Powell, subject to regulatory approval.
Croom-Johnson said, “This is a strong result and testimony to our core principle of disciplined underwriting. It has been an honour and a privilege to lead AEGIS London over the past 7 years and now seems the natural time to step aside. I will be leaving the Syndicate as a top quartile performer in the excellent hands of a high-quality management team led by Alex with whom I have worked for many years and who has been a major contributor to our success to date.” AEGIS London has delivered consistently profitable results during Croom-Johnson’s tenure as CEO and written premiums gross of commissions have grown by 132% since 2015.
“I would like to thank our parent, AEGIS, our Board of Directors and the team at AEGIS London for all the support I have received during my tenure” he added. Bill Cullen, President and CEO of AEGIS, said “David has been a part of AEGIS London from the very beginning. We thank him for his 20 years of service and all of his contributions to the Syndicate’s success.”
Tom Busher, Non-Executive Chair of AEGIS London, said “I would like to thank David for his commitment to AEGIS and to the development of the Syndicate and its employees. He has helped to create and lead a first-class business during a period of significant change, all the while displaying his customary humanity. Busher continued, “In Alex we have a worthy successor who will carry forward the Syndicate’s hallmark reputation for continuity, client service and sustainable underwriting excellence.”
Powell commented, “I am delighted to take up the leadership of our talented team at AEGIS London. The success of the business, under David’s stewardship, has been deeply rooted in a strong culture of underwriting discipline and empowerment and I am keen that we not only preserve this foundation but build on it to provide our future success.”
Adrian Beeby, Luther Pendragon
020 7618 9100
Notes to Editors
AEGIS London operates Lloyd’s Syndicate 1225 (the Syndicate) and comprises the UK-based subsidiaries of AEGIS (Associated Electric & Gas Insurance Services Limited), a mutual insurance company that serves the needs of the North American energy industry. AEGIS London has grown from its origins as an energy insurance specialist and is today a successful, diversified business, leading and participating in a wide range of classes traditionally written in the Lloyd's market. With over 170 people in its team in London and three in Canada, the business continues to develop its capabilities in new business lines, bringing its unique, collaborative style to new clients and new classes, while operating for the mutual benefit of all involved.