September 21, 2018 / 6:26 AM / 8 months ago

Lloyd's of London shrugs off 2017 loss with first-half profit

Sept 21 (Reuters) - Lloyd’s of London, the insurance market that covers risks from oil rigs to soccer stars’ legs, said on Friday that it had returned to profit in the first half, following a 2017 loss brought on by a record year for catastrophes.

The specialist insurance and reinsurance market reported a pre-tax profit of 600 million pounds ($795 million) in the first half, driven by improvements in pricing and growth in some profitable lines. Pre-tax profit in last year’s first half was 1.2 billion pounds.

Lloyd’s of London focused on cutting costs and improving its underwriting performance after a series of natural catastrophes pushed the specialist insurance market into a 2 billion pound loss, its first in six years.

$1 = 0.7543 pounds Reporting by Noor Zainab Hussain in Bengaluru; Editing by Adrian Croft

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