Benfield has turned in weaker first-half profits, weighed down by investment costs and cyclically weaker reinsurance prices.
The company said pre-tax profits before exceptional items for the six months to 30 June came in at at £74.8m, down from £88.3m previously.
Benfield said it expected Hurricane Katrina to support reinsurance pricing in the months ahead, but reiterated that revenues for the full year would be flat.