Atrium Underwriting said it saw an 83% rise in pretax profits during the year as it posted its results for the twelve months ending 31 December 2003.
The company said the trading conditions remained strong and the outlook excellent.
Pretax profits for the year were £18.8m, up from a restated £10.3m for 2002. Gross written premiums also grew, up from $129.8m in 2002 to £159.9m for 2003.
Atrium said the combined ratio for its aggregate managed capacity had improved during 2003 to 81%, from 83% in 2002. It said the improvement reflected a clear focus on underwriting for profit.
“Aggregate managed capacity continues its unbroken record of profitability with both managed syndicates recording a profit for the difficult 2001 year of account,” said Atrium.
It said its underwriting portfolio continued to outperform the Lloyd's market.
"We have increased our underwriting portfolio for 2004 and pre-empted on Syndicate 609. Rates may have come off the peak in some classes but, in our view, attractive or at least adequate rates remain on all classes of business underwritten by our managed syndicates and those "spread" syndicates in which we participate,” the company said.
Atrium chief executive Nick Marsh said: “These excellent results have been made possible by Atrium's focus on bottom line profitability and return on equity and its proven ability to manage risk.
“Whilst we will continue to choose our risks with care we believe the current underwriting year looks strong and that the outlook for Atrium remains excellent. We believe the diversity and flexibility that our quality underwriting portfolio provides, is delivering real value to shareholders.”
