Half-year profits unveiled by Heritage

LONDON—Lloyd's of London managing agency Heritage Underwriting P.L.C. reported a profit of £3.2 million (E4.8 million) for the first six months of 2006, down slightly on the £3.4 million posted for the comparable period last year.

Heritage, which manages worldwide property Syndicate 1200 and non-United-States liability Syndicate 3245, said it recorded gross written premiums of £114.3 million for the first six months of 2006, a 78% increase over the same period last year.

Its combined ratio improved to 88% for the first half of 2006, from 94% in the first six months of 2005.

Richard Pexton, chief executive officer of Heritage, said large rate increases were seen on U.S. property business during the first half of 2006--averaging 29% on renewal business. That market segment is expected to remain hard during 2007, he added.