Lloyd's managing agent Atrium Underwriters has reported results for its managed syndicates 570 and 609 for the 2002 year of account, updated forecasts for the 2003 year of account and initial forecasts for the 2004 year of account.

Atrium chief executive Nick Marsh said: “Continued focus on niche lines of business, where we have particular expertise, has allowed both Syndicate 570 and 609 to manage the insurance cycle.”

In the closed 2002 year of account for Syndicate 570 capacity was £129.7m, with returns of 11.3%. In Syndicate 609 capacity was £130.4m with returns of 13.6%.

Ahead of the announcement of its year-end results Atrium forecast results between 13.7% and 18.7% of its £324m capacity for syndicates 570 and 609 in the 2003 year of account.

In its 2004 year of account the board of Atrium announced forecasts of between 4% and 14% of its £345m capacity.

It said rates, terms and conditions for 2004 remained good despite having come off the peaks of 2003. This has meant that despite increased loss experience for this year of account, good profits are still anticipated, Atrium said.

The 2005 renewal season saw continued downward pressure on rates in many classes with only a few longer tail classes bucking the trend, the managing agent said.

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