Heritage Underwriting sees first half pretax profits more than treble
Heritage Underwriting has said first half pretax profits more than trebled, helped by good market conditions, and continued strong property and catastrophe insurance prices.
Pretax profits for the first half of the year to end-June rose to £10.5m from £3m in the first half of 2006.
Gross written premiums rose to £100m from £56.1m in the period earlier.
The combined ratio for the first half of the year stayed the same at 88%.
The group added that it expects, subject to 'normal' levels of activity, an 'excellent' rest of the year.
Heritage chief executive Richard Pexton said that although property and catastrophe insurance prices 'continue to fall', it is from 'high, profitable levels.'
'We are confident of a more than satisfactory outcome for 2007,' he said.
