Chaucer, the London-listed Lloyd's insurer, said today that 2002 profits at its three syndicates were expected to be stronger than previously thought, due to high premium rates and low claims experience.
It said the 2003 year had also begun well, with business being written at favourable rates, and an absence of major losses to date.
With the Chaucer group's total interests, including its nuclear syndicate, expected to reach £260m for 2003, these underwriting conditions, if continued, should produce "excellent profits", it added.
The latest forecast for motor Syndicate 587 for 2002 is 9% to 16% and capacity of £90m. The previous forecast was 7.5% to 15% made at 31 March 2003.
For marine Syndicate 1084, capacity for 2002 is £82.4m and the latest forecast is for 7.5% to 15% compared with the previous forecast of 5% to 12.5%.
For non-marine Syndicate 1096, capacity for 2002 is £148.4m and the latest forecast is 12.5% to 20% compared with the previous forecast of 10% to 17.5%.
There is a 2% improvement in Chaucer's £189m share of the three syndicates for the 2002 year of account.
