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ASCO-BDM

Beneficial interest AvH: 50%
AvH Contact: Tom Bamelis
www.bdmantwerp.be
www.ascocontinentale.be

The insurance group ASCO-BDM provides marine and industrial Insurance via brokers. BDM is an insurance underwriting agency offering risk coverage in niche markets on behalf of the insurer ASCO and a number of major international insurers. The close collaboration between BDM and ASCO within the same group assures BDM of a substantial underwriting capacity and offers ASCO a powerful commercial instrument.

Information from the 2016 annual report

BDM continued to focus in 2016 on the marketing of niche products in ‘Property & Casualty’ through a network of medium-sized insurance brokers, supported by the recruitment of a Chief Commercial Officer and a number of technical experts. In the Marine segment, commercial campaigns helped to further increase the market share in Pleasure Cruising.

The ‘Property & Casualty’ portfolio increased by 3% in 2016. A solid growth in niche segments such as Engineering (+13%) was moderated somewhat by a deliberate reduction of the share in more volatile business.

The Marine portfolio experienced another decrease, albeit much less markedly than in 2015. This was primarily a result of the end of the reorganizations that were carried out in previous years, as well as of a decrease in commodity prices and the weak market in Cargo and Hull. A cautious recovery of the premium volume could be seen by the end of 2016.

 

ASCO’s gross premiums increased by 4% in ‘Property & Casualty’, but decreased by 37% in Marine. This decrease is the result of the reorganizations that were carried out in this part of the portfolio in previous years, but at the same time it generated very good technical results in this segment. Despite a disappointing technical result in Cars, and even after taking into account ASCO’s share in the terrorism segment (cf. the terrorist attacks of 22/3/2016), ASCO at year-end 2016 reported the best technical result in many years.

Very good investment results and overheads that are well under control contributed to a net profit of 1.1 million euros, compared with a net profit of 0.2 million euros in 2015.

 

In 2017, the group wants to further develop its commercial network of small and medium-sized insurance brokers in ‘Property & Casualty’. ASCO-BDM wants to project itself, more than ever before, through direct contact with the product specialists, as a partner for insurance brokers in the fields where it can offer specific expertise.

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