(Bloomberg) — Amlin Plc, the second-biggest Lloyd's of London insurer by market value, posted an 8% drop in first-half pretax profit on losses from foreign exchange and natural catastrophes.
Profit declined to 148.5 million pounds ($248 million) from 161.4 million pounds a year earlier, the London-based insurer said in a statement today. Profit from underwriting fell 11% to 141.6 million pounds, it said.
Losses on large catastrophe, impacted by European hailstorms and a tornado in Nebraska in June, widened to 48.9 million pounds in the first half from 32.2 million pounds in the same period last year. The company said profit also fell after “an adverse foreign exchange swing” of 24.6 million pounds.
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