Highway sees evidence of premium rate recovery in H1 results

Return on investment was also up to 3.9% (2006: 2.5%) and Hero Insurance, its retail broking arm, grew to almost 230,000 policies. However, its operating ratio fell to 100.9% (98.1%: 2006), a result that group chief executive Andrew Gibson blamed on a flat market and the pressure on claims costs.

Richard Gamble, Highway chairman, said: “A strong investment performance in the first six months has resulted in an interim result that is well ahead of 2006.

“Underwriting conditions remained chall