Lloyd's managing agency Beazley Furlonge has posted a 0.6% profit from the capacity of syndicate 623 for the 2000 year of account.
The managing agency generated the small profit despite being hit by £20m of losses for the World Trade Centre attacks.
The managing agency forecast a breakeven result for 2001. Its 2002 forecast estimated a profit in the range of 10%-15% on capacity.
Beazley Furlonge's said it has based its prediction against a backdrop of no significant catastrophes.
Beazley chief executive Andrew Beazley said: "We are pleased that we were able to deliver profits for the closed year. 2001 benefited from the improvement in terms and conditions and the current favourable trading environment is expected to continue throughout this year.
"Our successful IPO in November means that we have the flexibility to continue to create value from this positive underwriting environment."
