Lloyd's insurer Atrium Underwriting said the performance of its managed syndicates 570 and 609 has been encouraging with exceptional profits reported for 2003.
Atrium said that mid-point forecasts for 2004 indicated double digit returns and, for 2005, rates, terms and conditions remained attractive.
The insurer said the estimated net loss for all three hurricanes, for 100% of managed capacity, has reduced to £59m compared with a previous estimate of £67m with Atrium's group share of the reduction in hurricane claims at £2.3m.
Atrium said the 2006 renewal season saw an end to downward pressure on rates for virtually all classes of its written business.
It added there have been improvements in rates and a tightening of other terms and conditions in the catastrophe exposed areas of the US and for all classes of property business but competition remains strong for less catastrophe exposed business in the US and for most other international business.
For 2006 to date, both managed syndicates have written approximately the same premium income as for 2005 at the same stage.
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