Omega Underwriting said profit before tax has risen over 10% to £4.8m (2005 : £4.4m) in the first six months of the year.
As a result, the suyndicate's combined ratio increased over 20 points to 76.6% (2005 : 95.1%).
The news sent the share price soaring almost 4.5% to 140p.
Along with the results, Omega also announced it is to set up a Bermudian holding company - Omega Insurance Holdings - which it will operate under in the future.
It also reported that it had established Omega US in Delaware. The new division is to be funded by a placing which is expected to raise £35m.
Walter Fiederowicz, chairman of Omega, said: "These proposals are designed to give Omega the best operating structure with which to develop the group across three strong underwriting businesses in our key markets of Lloyd's, Bermuda and the US."
Richard Tolliday, chief executive, added: "These initiatives represent another significant step in our strategy aimed at enhancing the trading opportunities open to the group.
"The US is already the most important of our key markets, generating the majority of our premiums. Establishing Omega US and operating in the future under a Bermudian holding company will position us to grow and develop our business significantly."
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