Lloyd's managing agent Chaucer reported pre-tax profits up 32% to £19.8m for the first six months of 2004. Last time around pre-tax profit was £15m.
Chaucer also reported an increase in gross written premium income of 10% to £221m for the fisr half of the year. And net earned premium income up 39% to £150.4m for the same period.
Chaucer's combined ratio improved to 82.8% compared with 89.6% in the first six months of 2003.
Commenting on the results, chief executive Ewen Gilmour said: "Underwriting conditions remain fundamentally sound, with the market motivated by the importance of maintaining discipline. The current hurricane season, though severe, provides opportunities for a group like ours.“
The Chaucer Group's total estimated net exposure to hurricanes Charley and Frances is between £8m and £12m and remains within budget for such events.
