The Lloyd's of London insurance market posted a 21 percent rise in pretax profit for the first half of 2005 and said it still expected to make a profit for the year despite heavy hurricane claims.
Lloyd's made a pretax profit of 1.38 billion pounds ($2.43 billion) in the first six months to June 30, 2005, it said on Thursday. High insurance prices and low claims contributed to strong profits in the market, in which 62 individual insurers, known as "syndicates", do business, Lloyd's said.
Lloyd's said the severe hurricane season would have a significant impact on its full-year result, but said that it still expected to make a profit in 2005, providing there are no more major catastrophes before the end of the year. The full impact of the two hurricanes which buffeted the US Gulf Coast recently, Katrina and Rita, is still uncertain, Lloyd's said.
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