Brit Insurance Holdings said underwriting conditions continued to be "exceptionally positive", with a good outlook continuing for 2004.
"Continued high rates and low loss incidence have meant that the group continues to meet its own internal forecasts. So far, the current renewal season is firmer than we would have expected with the reinsurance account in particular holding up well," said the company in a statement.
Brit said it anticipated that the wider insurance industry would see a further deterioration in results for 2001 and previous years, but said it expected this to have little effect on its own results due to its small exposure during those years.
Brit said it was well positioned to adapt to changes in industry capital adequacy models, particularly FSA consultation papers CP190 and CP204, which will increase capital requirements for insurers.
