Lloyd's underwriter The Advent Group today announced the 2002 results...
Lloyd's underwriter The Advent Group today announced the 2002 results and 2003 forecasts for its principal Syndicate 780.
In 2002, the Syndicate declared profits of £49.8m and a combined ratio of 68%. Gross written premiums were £106m for the year.
Forecasts for 2003 show profits of around £57m and a combined ratio of 75%. Gross written premiums are expected to double to around £203m.
Chief operating officer of Advent Capital, Keith Thompson, said: “Given the strength of our business and the record results we believe now is an appropriate time to strengthen our capital base.
“This may include the flotation of our business during 2005 which we believe could assist in the further development of our underwriting business for the long-term.”
