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Member, Beacon International Group, Ltd.
LONDON--Lloyd's of London-based insurer Amlin P.L.C. posted profits of £74.2 million ($134.7 million) for the first half of 2004, a 17.2% increase over the comparable period last year.
Amlin's gross written premiums increased 6.7% for the period to £709.7 million ($1.29 billion), while its combined ratio dropped to 73% from 83%.
Amlin, which operates multiline syndicate 2001, said in a statement that while rates for most lines had peaked in 2003, "they are by no means in free fall."
Overall, rates dropped 2.5% on average from their 2003 peak during the first half of 2004, the insurer noted.