Financial news...

Beazley doubles profits

Beazley, the Lloyd’s insurer, doubled its profits in the first half of 2007, topping £60m. Gross written premiums have also risen, up 10% to £434.1m, with the group’s combined ratio dropping 3% to 87%.

Open GI profits up

Open International reported revenues of £35m for the year ended 31 May 2007, up 5% on last year’s figures. Operating profit was £18.6m an increase of 6% on 2006. It claimed it was the most profitable software house.

Tawa float raises £20m

Tawa, a consolidator of non-life insurance run-off, raised £20m following a flotation on AIM this week. After expenses and the partial repayment of a bridging loan, the company has £7.2m in working capital to pursue further acquisitions.