Lloyd's insurer Atrium Underwriting has doubled the capacity of its two managed syndicates for 2002 to take advantage of the tightening insurance market and the increase in the volume of business being written.
The London-listed insurer said total capacity would now be £260m, split evenly between Syndicate 609 and Syndicate 570.
Syndicate 609 is a multi-class syndicate with a strong marine bias, while Syndicate 570 is one of the oldest non-marine syndicates at Lloyd's.
Atrium Underwriting chief executive Nick Marsh said that with improvements in rates, terms and conditions continuing across the board, "the potential for attractive underwriting returns in 2002 is significant, and Atrium expects to take full advantage of these new opportunities".
Atrium has also recruited cargo and specie underwriter Gloria Davies and marine underwriter Richard Tomlin to Syndicate 609.
It added that the syndicate was also boosted last year by the addition of onshore property underwriter Simon Clegg.
In early December 2002, Atrium confirmed its original forecast for group net losses from the 11 September terrorist attacks on the US at £8m before tax.
It said at the time that although the loss most affected the 2000 and 2001 years of account, it believed there was still a realistic prospect of both managed syndicates producing a profit if there were no more catastrophes.
