Lloyd's insurer SVB has achieved record interim profits in the six months to June 2005 of £27.7m, up from a loss of £120.1m last year.
Underwriting profit from SVB's continuing business rose to £43.3m from £39.6m, and the combined ratio was 71.9%, compared to 77%.
Rates had been expected to soften further in the second half, but the impact of Hurricane Katrina means rates are now set to increase, SVB said.
"SVB's mix of business means that it will benefit from rate hardening in the property segment," the company said.
SVB reduced its premium capacity by 13% to £437m in 2005. It had originally planned to reduce premium capacity by around 7% in 2006, but said it will now review this due to the changing market conditions.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
