Lloyd's managing agency Chaucer Syndicates has forecast a profit for its three managed syndicates for 2002.
The forecast was in the range of 10% to 17.5% profit on capacity.
For motor syndicate 587, Chaucer is forecasting profits in the range of 7.5% to 15% on £90m capacity.
On marine syndicate 1084 the profit forecast is in the 5% to 12.5% range on £82.4m capacity. Non-marine syndicate 1096 is forecast to show a profit in the range of 10% to 17.5% on £148.4m capacity.
In a statement Chaucer said: "In its marine and non-marine syndicates, Chaucer experienced a strongly improved rating environment in the 2002 year of account and a low level of loss incidence.
"Although a significant amount of business is still on risk and the position could change should expected claims and reinsurance experience worsen, gross and net incurred loss ratios are looking most encouraging. The 2003 year has begun well and business continues to be written at favourable rates."
Managing director Ewen Gilmour said: "Our profit forecasts for 2002 are evidence of improved underwriting conditions and underline the success of the initiatives across the Chaucer Group to improve our business.
"This includes enhanced underwriting analysis and management information and the streamlining of our motor operation. We now manage £665m of capacity, including £285m for third party syndicates, and I believe that Chaucer is well positioned to take advantage of the current excellent market conditions."
