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HAMILTON, BermudaQuanta Capital Holdings Ltd., which placed all but its Lloyd's of London business into runoff last year, has posted a loss of $57 million loss for the first nine months 2006, compared with a $51.2 million loss in the same period last year.
Hamilton, Bermuda-based Quanta reported a net profit of $3 million for the third quarter 2006. This compares with a $59 million loss in the same period 2006.
The company announced a joint venture with London-based Chaucer Holdings P.L.C. in October that should secure the future of its ongoing Lloyd's operations.
Gross premiums written by Quanta's Lloyd's unit in the third quarter were $22 million. However the company reported negative gross premiums of $6.7 million for the third quarter 2006, as it returned some $32.9 million of premiums to clients that cancelled contracts with the company.