Insurers’ figures boosted by exchange rate get traded down

The weaker dollar - at a seven month low against sterling - hit shares at Lloyd's of London insurers, with Amlin losing 2% to 342¾p and Catlin dropping 5.6% to 335p, the FT reports

"Simplistically, 2008 numbers were significantly enhanced by a move in the pound/dollar rate of around 35%, about one third of which has since reversed and will therefore be a negative in 2009 numbers," the FT quoted analyst Nick Johnson of Numis Securities as he downgraded Amlin, Catlin and Novae, off 3.5% at 362p.