BDM offers risk coverage on behalf of the insurer ASCO and a number of major international insurers. In 2015 BDM continued to focus on the development of niche products in both Property & Casualty and Marine through a network of large provincial insurance brokers. To this end, some new staff members were recruited.
The Property & Casualty segment reported further growth in the niche products. As a result of reorganizations of some large and less profitable contracts, the overall Property & Casualty portfolio eventually showed a slight decrease (-1%) in underwritten premiums. In the Marine segment, the Pleasure Cruising portfolio continued the growth trend of previous years. The other Marine portfolios were adversely affected by the continuing effect of past reorganizations. The overall premium volume decreased from 60 million euros in 2014 to 54 million euros in 2015, which was reflected in a disappointing net result of 0.1 million euros.
ASCO’s gross premiums saw a substantial increase compared to 2014 (+10%), despite the effect of the reorganizations in Marine (-18%). This growth is entirely the result of ASCO’s growth in the Property & Casualty segments of BDM. ASCO now accounts for 56% of BDM’s receipts (compared with 44% in 2014). During the second half of the year, however, ASCO’s portfolio experienced some major claims, which had a substantial negative impact on the technical result and were compounded by disappointing investment results and increased overheads (primarily as a result of Solvency II reporting). This led to a decrease in net profit to 0.2 million euros, compared with 0.6 million euros in 2014.
|10/02/2010||BDM sells Bruns ten Brink|
|06/01/2010||Sale of the participation in Asco Life|
|22/12/2005||The insurance group Asco - BDM acquires nv Minerva.|