Siat 2008 earnings hit 5m
GENOA-based marine insurance specialist Siat announced earnings of €5.1m ($6.6m) for 2008. Earnings were up 76% on the €2.9m recorded the previous year, despite a small drop in premium income and the adverse effect of worsening economic conditions. Operating earnings almost trebled to €6m. In a statement, the company said premium income fell from €187.9m in 2007 to €185.8m last year as Siat pulled out of non-marine business. Premiums in the hull, cargo and yachting segments remained stable year-on-year “despite a general contraction in the insurance market”. Commenting on the earnings improvement, Siat said it owed much to the decision three years ago to focus all of parent company Fondiaria SAI’s marine portfolio on Siat and the resulting efficiencies the move had generated.
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