Lloyd's managing agency Amlin Underwriting has forecast a profit of up to 16% on capacity of £800m for its 2001 syndicate.
Amlin said that its forecast was boosted by increased gross premiums, which were up 45% from the same period in 2002, at £275.6m.
Syndicate 2001 made a loss of £423.4m in 2000, and Amlin said in a statement that it is forecasting between a 1.5% loss and a 3.5% profit for the 2001 year of account on capacity of £574.5m.
Amlin chief executive Charles Philipps said: "Amlin is making solid progress. The improving syndicate results reflect the quality and hard work of our team, the better trading environment and the benefit of positive changes made to improve performance. We remain confident about the outlook for our business."
An Amlin statement added: "The result for the 2000 year of account was a loss of 2.6% of capacity. Underwriting conditions in most areas remained poor in 2000 and the year was affected by the losses arising from the 11 September 2001 terrorist attacks. Excluding the impact of these attacks the syndicate made a profit of 1.3% of capacity.
"The syndicate wrote £398.4m of premium income in the 2000 year of account. Good positive results were achieved in the property reinsurance and UK commercial motor accounts, while the large direct property insurance, US casualty and the aviation accounts suffered losses. The remaining accounts operated at around break-even.
"The direct property insurance and US casualty insurance accounts have been repositioned and US casualty reserves for the 2000 and prior years have been strengthened in the light of development over the course of 2002. The aviation account losses arose mainly from the 11 September terrorist attacks."
