Montpelier Re has announced its second quarter results, which revealed a surge in income to $112.5m (£69m).
Montpelier recorded a loss ratio of 17.3% for the quarter and 21.7% for the six months to 30 June. The company also released $14.3m (£8.8m) of accident reserves, which reduced the loss ratio by 8% in the quarter.
President and CEO Anthony Taylor said: "Montpelier has followed a strong first quarter in 2003 with an even stronger second quarter.
"Our overall book of business continued to grow, we were able to develop our portfolio of risks to an even greater degree, and we have diversified further by taking advantage of opportunities in areas in which we have competitive strengths. Our aim remains to produce favourable results over the long term and we look ahead with a great deal of optimism."
