Heritage Underwriting Agency has reported a minor drop in profits before tax to £3.2m in the first half of 2006. (2005: £3.4m)
Gross written premiums surged to £114.3m from £64.2m in the corresponding period of 2005.
The combined ratio improved to 88% from 94% in the first half of 2005.
The company said first half underwriting conditions have been the best since the company formed.
Heritage said it had raised £27m in underwriting capital in August.
Richard Pexton, chief executive said: "Strong
underwriting conditions in our worldwide property unit have followed the exceptional 2005 US hurricane activity. As a result we have benefited from rate increases of 28% on property facultative business renewed in the first half of 2006.
"We have capitalised on these exceptional underwriting conditions by increasing the capacity of the worldwide property unit and by increasing our share of 2006
underwriting participation.
"We have financed this through raising new equity and
have at the same time had the company's shares admitted to AIM."
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