Lloyd's vehicle Amlin has produced interim profits of almost £11 million while selling £64m of capacity on 21 non-aligned syndicates.
The sale realised nearly £5m and Amlin plans to auction another £9m of directly-owned non-aligned capacity by the remainder of 1999.
Amlin said the sale of this capacity will release capital to support its managed syndicates, representing 52% of its capacity for the year 2000 account.
It has already sought to acquire £72m worth of managed capacity this year, boosting its underwriting facilities in this area to £278m.
The group has also agreed to divest itself of the Whittington group, at a premium to its net assets of £3m, subject to the approval of Lloyd's.
Charles Philipps, chairman and chief executive of Amlin, explained the sales and acquisitions were in line with the group's strategy of focusing on its core business and of developing into a specialist Lloyd's company.
"We have made considerable progress over the past few months building a high quality, focused and integrated insurance company," he said.
