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Member, Beacon International Group, Ltd.
LONDON--Kiln P.L.C. recorded profits of £24.7 million ($44.9 million) in the first half of 2004, a 61% increase over the prior-year period.
Edward Creasy, chief executive officer of the Lloyd's of London-based insurer, said that the profit growth had been driven mainly by "excellent underwriting conditions in 2004."
The company's Lloyd's syndicates recorded gross written premiums of £162.4 million ($294.9 million) for the first half, up 3.2% from a restated £154.7 million ($257.2 million) for the comparable period last year. Kiln said the 2003 figure was restated because of a flaw in the way the insurer previously timed recognition of premiums.
Kiln also announced plans to set up a reinsurance operation made up of three reinsurers--W.R. Berkley Insurance (Europe), in which Kiln has a stake, and syndicates 510 and 557, which Kiln manages. Under the arrangement, which is subject to regulatory approval, shareholders in Kiln would receive underwriting profits from syndicate 510 and fees and commissions from all three entities.