Ace's recently re-authorised business, Ace INA UK, has revealed it has written over £111m of gross written premiums in its first six months of trading.

Gary Schmalzriedt, president and chief execuitve of Ace European Group welcomed the performance saying it was a "good start".

Ace INA UK would become its preferred provider for UK-based risks, overtaking its Lloyd's operation Ace Global Markets, he said.

He added: "In only six months, the combination of Ace's underwriting expertise and the unique Leadenhall Street trading floor, with its state of the art technology, have proved popular with brokers.

"Ace has brought a fresh, innovative approach to the industry, that is unrivalled by our competitors."