Lloyd's leading managing agent Amlin will not be setting up its own FSA-regulated company in 2006 to complement its Bermuda outfit, according to its chief executive Charles Philipps.
The specialist insurance and reinsurance underwriting group said it had no "immediate" plans to expand its UK trading platform following the launch of Amlin Bermuda in November 2005.
There had been suggestions the company might follow in the footsteps of fellow insurers Brit and Hiscox in setting up a non-Lloyd's insurer in the UK.
Instead Philipps said the company would concentrate efforts on its Bermuda arm as a way of expanding the business. But he admitted the issue of an FSA regulated insurer was under review "from time to time".
Philipps said: "Amlin Bermuda, which is focused on reinsurance, provides an avenue for growth in 2006. But we believe the UK commercial rates will continue to come under pressure, therefore we are not looking at the moment to expand in those areas."
Meanwhile, the company has reported an "excellent" 2003 profit for its Syndicate 2001.
The 25.4% return on capacity was a "record result" for the syndicate, beating the 2002 year of account result of a 21.7% return.
The company said it expected its 2005 results to be "significantly better than market expectations", with anticipated group pre-tax profits of no less than £175m.