Thursday, April 3, 2008

Lloyd's of London profit up after few catastrophes

From MarketWatch:
Insurance market cautions that benign conditions may not continue

Lloyd's of London, the U.K. insurance market, said Thursday that its pretax profit rose 5% in 2007, thanks to favorable underwriting conditions and a lack of major catastrophes, though it cautioned the benign environment is unlikely to be repeated in 2008.
...Catastrophe levels in the last couple of years have been unusually low and profits of this size cannot necessarily be expected in the future, Lloyd's cautioned. In 2005 Lloyd's reported a pretax loss of 103 million pounds after a string of highly destructive hurricanes....