Amlin sees profits hit from hurricanes
Lloyds of London insurer Amlin said claims for damage caused by Hurricanes Ike and Gustav will reduce its 2008 profit after tax by about $45 million (25.7 million pounds).
Schroders 35% profit rise in 2007In a statement, Amlin said it expects to receive total claims of $285 million as a result of the two storms, which swept through the Gulf of Mexico and south-eastern U.S. last month.
Amlin also said its investment return for the first nine months of 2008 was 0.4 percent on average investments of 2.6 billion pounds.
At September 30, the company's investment portfolio was 59.5 percent allocated to bonds, with cash accounting for 30.9 percent, equities 6.6 percent, and property 3 percent.
Amlin estimates that the insurance industry as a whole faces a $16 billion bill from Hurricane Ike alone.
(Reporting by Myles Neligan; Editing by Paul Bolding)
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