Atrium has released the latest 2004 year of account and 2005 pure year of account forecasts for the two syndicates (570 and 609) managed by Atrium Underwriters, and for its underwriting portfolio of participations in selected syndicates, including 570 and 609.
Atrium reported that Syndicate 609's 2004 account mid-point forecasts had improved from 10.0% to 11.5%, while announcing unchanged forecasts for Syndicate 570 2004 account and both managed syndicates' 2005 years of account.
The group also highlighted low loss incidence in 2006 to date and said that trading conditions were holding firm in USA peak catastrophe zones
On the corporate underwriting side Atrium reported improvements in forecast results for both 2004 and 2005 years of account underwriting portfolios.
Atrium expects to record a £5.1m gain before tax generated from the Wellington capacity compensation offer, if it goes unconditional.
Steve Cook, Atrium chief executive, said: “With improvements in the forecast results for our portfolio for the 2004 and 2005 years of account and the 2006 year to date exhibiting low claims experience, the outlook for Atrium is very encouraging. Whilst our planned small reductions in managed and portfolio capacity confirm our view that, absent catastrophe losses, the market will continue to soften, we believe 2007 offers attractive opportunities for underwriting profit.“
