Middlesea Group registers profitable Q1Middlesea Insurance plc announced a profit before taxation of €2.8 million for the Q1 period of 2010, as compared to a loss of €5.3 million during the first quarter of the previous year. The improvement in the technical results of the insurance operations of Middlesea Insurance plc, the turnaround of the capital markets, together with the discontinuance of the operations of the Italian subsidiary (losses from this subsidiary for the first quarter of 2009 amounted to €3 million) have all been important contributing factors to the improved first quarter 2010 results. MSV also had an encouraging first quarter, with profits after taxation for the period of €2.0 million (March 2009: loss of €3.3 million), 50% of which have been accounted for in the Group results. |
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