Beazley profits up in first half of 2007

LONDON—London-based Beazley Group P.L.C. posted a record profit of £60.2 million ($122.0 million) for the first half of 2007, up from £28.3 million ($57.3 million) for the comparable period last year.

The company said its gross written premiums increased 10% to £434.1 million ($879.3 million).

The company's combined ratio for the first half of 2007 was 87%, compared with 90% for the same period last year.

Beazley did not give a figure for its losses from the recent flooding that hit parts of the United Kingdom, but said that it was expecting claims on both its U.K. homeowners and reinsurance books of business. Losses from the floods, and from Windstorm Kyrill—which struck northern Europe in January—are likely to be contained within attritional loss reserves, Beazley said.