Insurance People – Amlin Plus at the yearling sale
Andrew Newman writes:
Bloodstock insurers Amlin Plus invited industry guests to Tattersalls October Yearling Sale Book 1 in Newmarket on 9 October 2013. The host was Amlin’s managing director and chief class underwriter David Ashby who provided his guests with breakfast, followed by a tour and chat about his role at these yearling sales.
Amlin conduct a lot of business at this sale each year as over 500 young racehorses (yearlings) go under auction.
The 2013 sale saw 339 lots sold for 70,343,000 guineas (Not pounds, you’ll notice). That’s a new record and 3% higher than last year’s total despite 12% fewer lots being offered. The turnover also represents a record for a European auction.
David Ashby explains how this record breaking sale will affect the bloodstock insurance industry. “It was a very positive sale from our perspective. The rise in value of yearlings, and the commensurate increases as breeders and owners amend the value of their foals and broodmares, results in increased premiums to insurers.
“Likewise the value of colts retiring to stud has now increased as will the sum insured of many commercial first season sires. Our overseas clients have been active this week and of course the value of racehorses to go abroad has been strong all year. This also prompts buyers to reinvest and many of those buyers insure, which is also positive.
“Lastly the rigorous vetting procedures at the sales (radiographs etc.) help improve the risks for underwriters. I and Amlin’s representatives were around the sale all week and have insured many horses and developed new client contacts.”
Source: Insurance People, 31st October 2013
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