Heritage Underwriting has said profit before tax rebounded to £10.3m from a loss of £4.6m in 2005.
The Lloyd's insurer said gross premium income was up 82% to £110.9m and reported that the combined ratio improved to 90% from 119% in 2005.
Richard Pexton, chief executive commented: “2006 was a year of dramatic transformation for Heritage. We listed on AIM, raised £33m of new equity, which we used immediately to increase capacity and therefore have benefited from an excellent underwriting environment.
"We see 2007 as a year of further significant progress. The underwriting environment for Heritage remains healthy and I am confident we are well placed to take advantage of these market conditions and opportunities to grow the business further.”
Heritage said it had already made a good start to 2007 with £122.9m of premium written - up 35% on the same time last year.
