ASCO-DBM

AvH: 50%

(€ 1,000) 2014 2015
BDM
Premiums earned 60,217 53,631
Operating results 6,753 6,155
Net results 202 72
Shareholders' equity 5.437 5,177
     
ASCO NV
Gross premiums 29,260 32,175
Net result 577 248
Shareholders' equity 10,352 10,614
     
Personnel (ASCO-BDM) 68 55

 

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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. The close collaboration between BDM and ASCO within the same group assures BDM of a substantial underwriting capacity and offers ASCO a powerful commercial distribution channel.

Information from the 2015 annual report

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. 

 

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