Advent Capital has reported pretax profits of £18.1m for the year ending 31 December 2003. It said the profits represented a 33% rise on the results for 2002.
Operations through its subsidiary Advent Underwriting Limited saw Syndicate 780 increase its 2002 year of account profit forecast to £45m, 30% of underwriting capacity.
It also predicted that the 2003 year of account would see profits in excess of £45m, 20% of underwriting capacity. Syndicate 780 writes predominately non-marine reinsurance business.
Advent said the results reflected a second year of substantial profits supported by a strong underwriting performance and excellent trading conditions throughout the year.
Advent Capital chairman Brian Caudle, said: “The latest result following that of 2002 confirms my belief in our capability of producing excellent returns.
"We have needed to be very resilient during the last two years and like many other businesses at Lloyd's Advent has been able to respond quickly and positively to the setbacks of 2001.
“We need to continue showing we are capable of attractive returns and although there will be continued pressures on pricing and terms, underwriting businesses like ours must still be able to demonstrate they are capable of operating in such conditions and producing positive results.
