Lloyd’s insurer Chaucer has reported premium rate increases of 6.1% so far this year across its underwriting portfolio, on gross written premiums of £650.3m ($1.09bn), up 23.3% year on year. Private car rates were continuing to rise faster than claims inflation. During Q3 Chaucer released net reserves of £11.6m from its syndicates, up from £6.0m in Q3 2008. Releases came mainly in the Property and Marine Divisions, syndicate 4000 and the Group’s run-off activities. These were partially offset by a strengthening of reserves in trade credit. On the investment side, Chaucer has generated a return of 3.6% (£46.0m) for the first nine months. For 2010, syndicate 1084’s underwriting capacity will increase by 11.5% to £707m. This will be financed from existing resources, including reinsurance support. Chaucer also intends further growth in the UK motor market. CEO Ewen Gilmour said that “the prospects for 2010 are encouraging. We expect rates to remain satisfactory overall, although rates for catastrophe-exposed risks will come under pressure if there are no major losses in the final weeks of the year”.