September 21, 2018 / 6:23 AM / 3 months ago

Lloyd's of London shrugs off 2017 loss with first-half profit

Sept 21 (Reuters) - Lloyd’s of London, the insurance market that covers risks from oil rigs to soccer stars’ legs, said on Friday that it had returned to profit in the first half, following a 2017 loss brought on by a record year for catastrophes.

The specialist insurance and reinsurance market reported a pre-tax profit of 600 million pounds ($795 million) in the first half, driven by improvements in pricing and growth in some profitable lines. Pre-tax profit in last year’s first half was 1.2 billion pounds.

Lloyd’s of London focused on cutting costs and improving its underwriting performance after a series of natural catastrophes pushed the specialist insurance market into a 2 billion pound loss, its first in six years.

$1 = 0.7543 pounds Reporting by Noor Zainab Hussain in Bengaluru; Editing by Adrian Croft

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below