Lloyd's insurer, Atrium Underwriting, has seen its profit dented by movements in the US dollar exchange rate.
The company's profit before tax in the first six months of 2006 fell from £13.7m in the same period last year to £7.9m.
This compares to a profit before the impact of foreign exchange and tax of £15m compared to £9.6m in 2005.
Steve Cook, chief executive, said: “Atrium has continued to perform well with underlying underwriting performance improved over the equivalent period last year.
“Although movements in the US dollar exchange rate have taken the shine off headline figures, the outlook for the full year, absent any significant storm losses, remains very encouraging.”
Atrium's gross written premium was £93.6m in 2006, which fell slightly from £94.5m in 2005.
Its combined ratio rose by 5% to 90%.
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