Goshawk Insurance has boosted its interim pre-tax profits by 54% to £4m (£2.6m) following a rise in gross written premiums and higher returns than were expected from investments.
The insurer said all areas of its business, from its traditional marine interests of cargo and hull, to newer non-marine areas such as international property and personal accident, were beginning to benefit from rising rates. Gross written premiums increased by 33%, in line with Goshawk's expectations, to £59.4m and investment income increased 28.5% on its equity portfolio.
Goshawk also stated it had not been affected by any of the major disasters to hit the Lloyd's market last year.
Andrew Gammell, Goshawk chief executive, described the results for the reporting period as good, considering that many of its competitors had struggled to underwrite profitably.
Goshawk's wholly-owned syndicate 102 has switched from being mainly marine to a composite following its merger with syndicate 2021 earlier this year. Goshawk's underwriting profitability rose to £4.2m from £3.8m in the first half of 1999. Finance director Chris Fagan said that if market rates continued to harden, Goshawk may seek to increase syndicate 102's £156m capacity.
Goshawk is the only Integrated Lloyd's Vehicle quoted on the stock market which owns 100% of its underwriting capacity.