THB's profits increased 100% as the Lloyd’s broker predicted a hard market.
Pre-tax profits were up 100% to £1.9m for the first six months of 2011 compared to the same period last year. Broking profits rose 21% to £4.8m and fees and commissions increased 6% to £26m in half-year results.
THB said in a statement: “After heavy catastrophe losses in 2010, which have already been exceeded in the first half of 2011, insurance markets are poised and ready to turn the event of an active hurricane season. Indicators point to a hardening market, but surplus capacity could limit the upside impact.”
THB is currently in talks with US wholesaler AmWINS Group over a merger.
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