Chartis underscores £50m investment as UK profit drops 89% to £11m
Nicolas Aubert, UK managing director for Chartis Europe, has stressed the business is “well on the way to break even”, as the UK today revealed an underwriting loss of £51.7m (2010: £65.3m) and combined ratio of 103.6% (2010: 104.2%) for the year ending 30 November 2011.
Aubert highlighted that £50m was last year poured into "major projects" that will "deliver process efficiencies" and "capital efficiency by reducing future costs" as a key reason behind the heightened
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