Motor specialist Highway Insurance Holdings announced a surge in pretax profits for the 12 months ending 31 December 2003, reaching £21.9m compared with £1.1m for 2002.
Gross written premiums for the company jumped 86%, up from £134m in 2002 to £249.1m.
The company’s operating ratio increased slightly to 97.9%, up from 96.7% in 2002. It said this compared with a market forecast of 103%.
Following its exit from Lloyd’s at the end of the 2002 year of account, Highway chairman Ross Dunlop said the company had undergone “substantial restructuring and re-engineering”, with the release of funds currently held at Lloyd’s expected at the end of 2004.
Highway now underwrites exclusively through its FSA regulated insurance company Highway Insurance Company.
Dunlop said general trading conditions remained positive, with the industry expected to remain competitive.
“The coming year will again afford opportunities to reduce both direct and indirect costs and if appropriate to write some additional business. It should also provide an improvement in our investment performance.
"All should contribute towards a more profitable year for our shareholders,” concluded Dunlop.
