London insurance broker Lloyd's saw profits drop more than 50% in the first half of 2010, partly as a result of costs relating to BP's Macondo oil spill and an earthquake in Chile. Pre-tax profits totaled $990 million, down from $2 billion a year earlier. "Globally, the insurance market has experienced one of the largest levels of catastrophe losses in the first half of a year ever, so it is no surprise that this has been a testing six months for the market," Lloyd's Chairman Peter Levene said, describing the six months to June as the "costliest on record."
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