GoshawK Insurance announced losses of £30.8m for the six months ending 30 June 2003, having previously issued a profit warning. The losses contrast with profits of £6.3m for the same period in 2002.
Gross written premiums fell to £171m, down from £241m for 2002's first half results, a fall of 29%.
Pretax losses were £30.66m for the group, compared with a profit of £4.26m for the same period last year.
The company will not issue a dividend, compared with a one pence dividend paid last year.
Chief executive Chris Fagan said he was confident the group would trade profitably in the second half of the year.
GoshawK Re, the group's Bermuda-based reinsurance company, was operating well and "had recorded results ahead of our expectations", he added.
