Atrium Underwriting has reported record pre-tax profits of £44.7m, an increase of 347% on the £10m it made in 2005, in its full year preliminary results.

The company said gross written premiums were £152m, down 12% on the £171.9m in 2005.

Atrium said the net combined ratio for aggregate managed capacity is 75% (2005: 108%).

Steve Cook, chief executive said: “We have delivered record profits for 2006 through a combination of underwriting skill and judgement and a benign claims experience. A 38% return on equity demonstrates that our business model continues to deliver sector leading performance."

"We are operating in a softening market place, but with the strength of our managed syndicates' performance, the substantial pipeline of unearned premium and our continuing strong capital management we have the prospect of further attractive returns."

The underwriter also said Simon Curtis, group finance director, has given notice of his intention to step down from his position, and the board, in order to take a career break.

The company said he will be working with Cook over the coming months to facilitate a smooth departure.

In the company statement, Atrium said the creation of The Atrium Space Insurance Consortium (ASIC) had gained strong support from the London broking community in its first three months of operation and is targeting premium income for 2007 of $50m.