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

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Lloyd's of London shrugs off 2017 loss with first-half profit
FILE PHOTO: Lloyd's of London's headquarters in the City of London, Britain, July 31, 2018. REUTERS/Simon Dawson/File Photo   -   Copyright  Simon Dawson(Reuters)
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(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 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.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Adrian Croft)

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