Bermuda may save Goshawk's bacon

LLOYD'S insurers are nervously awaiting a tide of red ink from Goshawk Insurance Holdings on Friday.

Interim losses are likely to exceed brokers' forecasts of £21m and it has warned that it needs the support of its bankers. But it should allay the worst fears, helped by the strength of its Bermuda operations.

Goshawk's troubles cast a shadow over the boom enjoyed by most Lloyd's firms. It has had two profit warnings in two months and chairman David Hooker is retiring.

Problems have included exposure to the Columbia space shuttle tragedy, to collapsed UK claims venture Accident Group, and to US 'viatical' business - buying the insurance rights of people about to die.

Ailing Lloyd's syndicates are supported by a central fund, but Goshawk's Bermuda side on its own is worth more than the current share price. This slumped from 136p in January to 31p this week, but it has recovered to 35 1/4p.