Cornhill Insurance general insurance premium grew by 20% in 2001 to £1.2bn from £1bn the previous year.
The premium growth helped push profits up. Operating profit before tax improved from a loss of £31.4m in 2000 to a profit of £59.3m in 2001.
Chief executive Ray Treen said all Cornhill's trading divisions had performed well during the year and contributed to the company's profit recovery. The only loss-making division was Allianz Cornhill International (ACI).
"Despite the impact of the World Trade Centre disaster, [ACI] however, significantly reduced its losses compared to 2000.
"I believe the outlook for 2002 is a positive one, since I anticipate that in most divisions profit margins will be broadly maintained at 2001 levels and in ACI there will be a return to profitability as a result of the underwriting action and rating increases already implemented."
Cornhill claimed its regional division, which caters for brokers outside London, had improved insurance profit compared to 2000.
