Lloyd’s insurer and reinsurer Amlin has reported gross written premium (GWP) of £1.26 billion ($2.5 billion) for the first quarter, down from £1.28 billion ($2.53 billion) in the corresponding period last year.

The decline was due largely to the weaker euro, which hit income from the marine and aviation and property and casualty divisions.

CEO Charles Philipps says the quarter was otherwise satisfactory.

“We have had a good first quarter bearing in mind the more competitive market conditions, which demand high levels of diligence in risk selection,” he said.

“We expect our business and geographical diversity, which has grown over recent years, to be of increased importance in the current environment.”

There were no major catastrophes in the three months to March 31, and large losses were capped at £6.6 million ($13.1 million).

Average renewal rates were down 3.5%, compared with a 2.3% decline in the corresponding period last year, while renewal retention rates stood at 89.1%, up from 88.2%.

Reinsurance renewal rates fell 6.3%. In the US, catastrophe renewal rates dropped by an average of 6.5%, while international catastrophe renewals fell by an average of 10.5%.

“Competition within reinsurance lines remains challenging,” the company says. “Amlin has continued to be selective, focusing on areas where pricing meets acceptable rates of return.”