Business
Interim Results
Interim Results.
About this update from Helios Underwriting Plc
[{"type":"text","content":"\n RNS Number : 2398E Hampden Underwriting Plc 25 September 2008 \n \n\n\nHampden Underwriting PLC ('Hampden Underwriting' or the 'Company')\nInterim results for the six months ended 30 June 2008\n\n\nHampden Underwriting, which provides investors with a limited liability direct investment into the Lloyd's insurance market, announces its unaudited results for the six months ended 30 June 2008.\n \nHighlights\n\n\n\nCommenced underwriting with an allocated capacity of £5.1m.\n\n\n\n\nPremium written during the period totalled £2.8m.\n\n\n\n\nGroup's first acquisition of a Lloyd's corporate member during the period.\n\n\n\n\nNet assets increased to £7.2m.\n\n\n\nCommenting upon these results the Chairman, Sir Michael Oliver, said:\n\n'While it's too early to comment on the likely result for the 2008 year of account, the Group has had a satisfactory result for the six month period. The insurance industry has generally fared well through the global crisis and Lloyd's continues to outperform its peer groups. We expect Lloyd's to continue to remain an attractive investment for 2009 and beyond.'\n\n\n\n\n\nHampden Underwriting\n\n\n\nJeremy Evans\n\n\n020 7863 6567\n\n\n\n\nSmith & Williamson Corporate Finance Limited\n\n\nAzhic Basirov\nDavid Jones\nJoanne du Plessis\n\n\n\n020 7131 4000\n\n\n\n\nCardew Group\n\n\nTim Robertson\nShan Shan Willenbrock\nDavid Roach\n\n\n\n020 7930 0777\n\n\n\n\n\nChairman's statement\n\nThe Group's first period of underwriting has resulted in a profit before tax of £148,000. This has been achieved despite the fact that the first six months underwriting has been hit by costs which are unlikely to recur in the second half of the year. This is typical of any new start up in the Lloyd's market.\n\nThe above together with the investment income generated from the funds held by the group has contributed to a satisfactory result for the period.\n\nIt is too early to comment on the likely result for the 2008 year of account which will be dependent on major loss activity, in particular the insured loss from Hurricane Ike, which may be the third largest insured hurricane loss in history.\n\nThe recent turmoil in the credit markets has precipitated the difficulties encountered by the world's largest property/casualty insurance group, which has obtaine...