Ansvar Australia’s gross written premium (GWP) grew 49% to £26.86 million ($43.55 million) in the first half, according to results from parent company Ecclesiastical.

The underwriting loss narrowed to £300,000 ($486,407) from £700,000 ($1.13 million) in the corresponding period last year, while the combined operating ratio improved to 102.4% from 108.7%.

The Australian operation, which specialises in church and heritage sites, was “very successful in generating new business”, while GWP growth also benefitted from the exchange rate.

“There has been a return to more normal claims experience in the year to date and, although we experienced losses from the high-profile Tropical Cyclone Debbie, our reinsurance program reduced the effects at the net level,” the company says.

A strong pipeline of opportunities is expected to drive GWP growth in the second half.

UK-based Ecclesiastical has reported a first half underwriting profit of £9.6 million ($15.6 million), down from £12.9 million ($20.9 million).

GWP gained 9% to £166 million ($269.1 million) on a “significant contribution” from overseas businesses, particularly in Australia.

Investment returns jumped to £40.1 million ($65 million) from £7.3 million ($11.8 million) after a steady rise in global markets.

“With the prospect of continued uncertainty from the UK leaving the EU and from global political events, our strong capital position means we are well placed to weather potential volatility,” Ecclesiastical CEO Mark Hews said.