Lloyd's insurer Atrium Underwriting has confirmed its original forecast for group net losses from the 11 September terrorist attacks on the US at £8m before tax.
It said although the loss most affected the 2000 and 2001 years of account, it believed there was still a realistic prospect of both managed syndicates (570 and 609) producing a profit if there were no more catastrophes.
The London-listed company also revealed that capacity under management for 2002 had doubled to £260m, while its underwriting portfolio had increased to between £115m and £120m.
The company said: "Our loss provisions for the 2001 year as at 30 June 2001 equate to 2.7% of the portfolio capacity.
"Although we continue to believe that an overall loss is likely, the year could still be profitable for a number of syndicates (including Syndicate 570 and 609) in the absence of further catastrophe losses.
Atrium said Syndicate 609 had improved its 1999 forecast, and the 2000 forecasts, for both Syndicate 570 and Syndicate 609, were unchanged and "significantly better than the Lloyd's market averages".
The company added that with improvements in rates, terms and conditions continuing across the board, the potential for attractive underwriting returns in 2002 was significant.
"We have been able to increase our underwriting portfolio once more ... and with managed capacity doubling for 2002, Atrium expects to take full advantage of these conditions," it said.
Atrium shares were trading 3.5p firmer at 83p, at 14:30.
