LONDON (Bloomberg) — Advent Capital Holdings Plc, a Lloyd's of London insurer and reinsurer, fell the most in over a year in London trading after reporting a first-quarter loss.

Advent Capital dropped 2.5 pence, or 9.8 percent, to 23 pence, the biggest decline since February 2007, giving the London-based company a market value of £93.5 million ($186 million).

The net loss was £3.98 million pounds, compared with a profit of £353,000 in the year-earlier period, Advent said yesterday in a statement. "Single-risk" property losses, net of reinsurance recoveries and reinstatement premiums, reached £7 million pounds. The company said the pricing environment remained "highly competitive."

Advent Capital is the holding company of Advent Re and Advent Syndicate 780 at Lloyd's. The company has operated at Lloyd's for more than 30 years and founded Advent Re in 2006.

Market conditions are "increasingly competitive," especially in the property insurance and energy sector, chairman Brian Caudle said in the statement.