Bermuda run-off reinsurer Rosemont Re added $2 million to the overall profits of its parent Goshawk Insurance Holdings during the first half of 2007.

Rosemont Re, which was set up in 2001 primarily as a property and marine business and took significant volumes of casualty business through Goshawk's two Lloyd's syndicates, hit trouble in 2005 as a result of substantial losses from the Florida hurricanes of 2004 and the triple hit of hurricanes Katrina, Rita and Wilma the following year.

The decision to place Front Street-based Rosemont Re, into run-off was made in October 2005.

According to latest half-year results released by London-based parent Goshawk, the reinsurance company contributed $2m to the holding company's six-month results, which added up to a post-tax profit of $1.7m, a big improvement from the $2.6m loss Goshawk reported during the same period in 2006.

In a statement Goshawk said the key constituents of the profits was the $2m profit from Rosemont Re, and a $300,000 loss within the rest of the group.

The net asset value of the group reportedly stands at $70.3m compared to $67.6m at the end of 2006.