Atrium Underwriters said results for its managed Syndicates in the 2001 year of account had been positive, with strong results expected for 2002 and 2003.
Composite Syndicate 570 achieved 1.6% of capacity for 2001, and has an updated forecast of between 7.5% and 15.0% of capacity for 2002. Its preliminary forecast for 2003 is 5.0% to 15.0% of capacity.
Syndicate 609 achieved 4.4% of capacity for the 2001 year of account, with an updated forecast of 12.5% to 20.0% for 2002. The preliminary forecast for 2003 is 10.0% to 20.0%, said Atrium.
Atrium chief executive officer, Nick Marsh, said: “I am very pleased that our two managed syndicates are in profit for the 2001 year of account despite the difficult market conditions. We increased our managed capacity significantly for 2002 and 2003 and are looking forward to the greatly improved results forecast for these years.
The company said the 2004 renewals season had seen the expected return of some competitive pressure in property and other short tail classes.
However, it said most of the casualty classes were continuing to show improvements in both rating and other terms and conditions.
Atrium said it remained positive about the prospects for 2004.
