Insurer Advent recovers from 2005 hurricanes

Specialist Lloyd’s insurer Advent has announced an after-tax profit of £15.4m (€23m) for 2006, compared with a loss before tax of £74.8m (€111.5m) the previous year.

Advent said today the heavy losses of 2005 reflected the impact of Hurricanes Katrina, Rita and Wilma with an aggregate net loss, net of reinsurance recoveries and reinstatement premiums, of £79.7m €119m).