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U.K.: Bad weather takes bite out of Ecclesiastical Insurance's profits

August 22, 2014 - 6:00am

U.K.-based insurer Ecclesiastical Insurance Group P.L.C. recorded a 25% year-on-year decline in pre-tax profit to £18.4 million ($31.4 million) in the first half of 2014, Gloucester Citizen reported.

Floods and storms during the first quarter cost the insurer about £9 million in weather-related claims. However, the insurer's "underwriting performance has improved significantly," Mark Hews, chief executive of the firm, said.

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