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Member, Beacon International Group, Ltd.
LONDON--Brit Insurance Holdings P.L.C. recorded an aftertax profit of £37.5 million ($68.1 million) for the first half, up 73.6% from the prior-year period, due in part to increased rates.
London-based Brit noted that it had restated its first-half 2003 figure to reflect changes in accounting standards.
Gross premiums for the half were £778.5 million ($1.41 billion), up 16.9%. The company's combined ratio for the period was 86.9%, compared with 87.0% for the year-earlier period.
Brit, which operates in both the Lloyd's of London and London company markets, noted that rates continued to rise across nearly all classes of business in the first half, except for property, aviation and domestic motor lines.