Atrium Underwriting chief executive Nick Marsh said he was confident about the underwriting conditions for 2004.
Atrium said trading conditions for managed Syndicates 570 and 609 remained strong, with a low loss incidence to date and forecasts unchanged from previous predictions.
The underwriting portfolio will increase to £259m for 2004, said Atrium, compared with £153 for 2003. It said this was the result of purchases of participation on the managed Syndicates and pre-emptions at no cost to the group.
"An improved Funds at Lloyd's position has meant that it has not been necessary to renew the £8m gearing contract for the 2004 underwriting year leading to a reduction in balance sheet gearing," it said.
