Hardy Underwriting Group said the rating environment in 2003 had been at least as strong overall as in 2002. It said although the year is on course to produce good results, it had not yet given a formal forecast for profits due to the level of unexpired risk.
For the 2004 year of account, Hardy Underwriting's capacity has risen to approximately £101m out of a total of £115m.
It said previous forecasts for the 2001 and 2002 year of accounts for its managed Syndicate 382 remained unchanged at 8.5% to 13.5% and 15% to 20% respectively.
Hardy Underwriting chief executive Barbara Merry said: "The underwriting team have continued to outperform the Lloyd's market. The profits of recent years look set to be followed by exceptional results during the current hard market conditions."
