GoshawK makes dramatic turnaround in first-half 2002

By Rosie Hawkins, London

SPECIALIST Lloyd’s underwriter GoshawK saw a return to profitability in the first half of the year with after-tax profits of £6.3m ($9.8m), writes Rosie Hawkins, London. The result was a dramatic increase on the loss of £300,000 made in the six months ended June 30, 2001. The company’s new Bermuda-based operation, GoshawK Re, started writing reinsurance business in January this year and reported gross written premiums of £36.4m for its first six months. Overall, GoshawK’s total gross written premiums grew 134% to £240.9m, compared with £102.9m in 2001.