Brit Insurance has forecast its 2003 gross premium income will be around £1bn.
Announcing the results for its 2001 and 2002 years of account on Syndicate 2987, the insurer said premium rates have strengthened in many areas of its business.
Brit Syndicate 2987 wrote £562m of gross premiums for the 2002 year of account, on £450m of capacity. Its preliminary forecast suggested its syndicate would achieve a combined ratio of 83% - 89%.
It added that the results were in line with expectations.
Brit Syndicates chief executive Dane Douetil said: "We are beginning to see the positive benefits of the restructuring of Brit's underwriting operations that started in late 2001, coupled with strong market conditions and a relatively benign catastrophe loss year.
"We have made a good start to 2003 and believe the various downgrades and balance sheet stresses suffered elsewhere in the insurance sector will help sustain current good underwriting conditions."
