Record results for Brockbank
Mid Ocean Ltd., reported record year results.
For the 12 months ended December 31, Brockbank made $7.9 million in after tax profit, a 113 percent increase.
Last year, reinsurer Mid Ocean acquired a 51 percent stake in Brockbank and has an option to acquire the remaining stake. Mid Ocean must make a bid for the remaining 49 percent before September 1.
Brockbank's pre-tax profits were $10.7 million compared to $6.3 million in 1995 while earnings per share rose 107 percent to about 66 cents, Insurance Day said.
The group's chief executive Mark Brockbank said the excellent results were driven by strong performance on the 1993 account by its two managing agencies, Brockbank Syndicate Management and Brockbank Personal Lines.
LIGHT TRADING ON BSX STK Light trading on BSX One issue gained, one fell and one closed unchanged in light trading on the Bermuda Stock Exchange yesterday. Staples fell 50 cents to $7.50, Bank of Butterfield gained 12.5 cents to $9 and Bermuda Home was unchanged at $7.125.
Total volume was 1,512 shares worth $11,607.38. The index edged up 2.82 points to 907.36. ---- Chart, Page 24
