Windsor has reported a 9% rise in annual profit to £5.1m from £4.65m previously and said total revenues rose to £20.6m from £20.1m.
Windsor said brokerage and fees were 1% higher while interest income rose by 22% due to improved investment returns.
David Low, chairman of Windsor, said: "Despite a period of intense downward pressure on rates, Windsor has delivered a very positive trading performance.
"Both of our main operating companies have developed new business streams which have countered market conditions and, as a result, have increased profitability."
The group said that Hurricanes Katrina and Rita have taken their toll on underwriting reserves and "it is reasonable to surmise that, going forward, the rate reductions experienced in the last few years will now be contained, with rises in the sectors most directly affected by these catastrophes."
"We are now...ready to capitalise on any recovery in our markets" Windsor said.
