Premium income at Euclidean Underwriting has rocketed this year by 400%, compared to its first trading year, 1998.

Chairman, James Truscott, said the syndicate will return a profit for the 1998 account of 0-5%.

Euclidean, part of Euclidean Group, has expanded its stamp capacity from £20m in premium income in 1998, to £80m today. It hopes to increase stamp capacity to £125m in 2001.

The growth follows Euclidean's change from a niche sector underwriter – covering, for example, kidnap and ransom, caravan and fine art – into a speciality composite insurer currently writing 92 classes of insurance.