Atrium Underwriting chief executive Nick Marsh will say the group remains on track for another good year, and that it expects the outlook for 2005 to remain positive, at the group's AGM held today.
In a statement to the AGM Marsh will say: “I am pleased to report that Atrium remains on track for another good year. Our underwriting portfolio continues to perform well with the revised managing agents' mid-point estimates for the 2002 year of account indicating a small improvement, to a profit of 14.1% (4th quarter 2003 - profit of 13.8%).
“The incurred loss ratios of our underwriting portfolio for the 2003 year of account remain better than those for 2002 at the same stage."
He will also reveal that the group will be reviewing its initial business plan for 2005 in the coming weeks.
“We are committed to cycle management and as the market comes off its peak, we currently expect to be reducing both our underwriting portfolio and our gearing for 2005,” Marsh will say.
Forecast ranges for the 2002 and 2003 years of account of Atrium's managed syndicates, 570 and 609, were unchanged in first quarter, but have improved in 2004, Atrium said in its AGM statement.
