Atrium Underwriting has today released an update on current trading.
The Lloyd's underwriter reported that underwriting conditions across the January renewals period were broadly in line with business plan expectations for both managed syndicates 609 and 570. There remained, it said, varying degrees of downward rating pressure on all classes other than those with critical catastrophe exposure.
Commenting on the 2007 underwriting portfolio, Atrium said that following Wellington's Syndicate 2020 cessation offer being declared unconditional, its 2007 underwriting portfolio reduced from a planned £159m to £149m.
However, the syndicate added that it had taken the opportunity to participate in the MAP Syndicate 6103, a US-focused catastrophe reinsurance writer, with £3m of capacity. Hence, the 2007 underwriting portfolio finalised at £152m but with an increase in catastrophe risk exposure over 2006.
The group's net exposure to a single event based upon Lloyd's RDS has increased from 18% to 22% of portfolio capacity.
