Hardy Underwriting Group has doubled its annual profit, posting a £6.7m profit in 2002, up from £3.3m a year earlier.
The improved performance enabled Hardy to raise its annual dividend to 7.25 pence a share from 6.5 pence.
Hardy's profits surge also fuelled a drop in its combined ratio to 81.8%.
Chairman Peter Hardy said: "We have made significant progress towards all the goals which we set ourselves last year, including those which have a longer time frame. Specifically, we have achieved the increase in syndicate size to £100m for 2003 and are exceeding the 10% minimum average return on capacity target set by the Board."
Also in its 2002 results Hardy made an upbeat assessment of its prospects for 2003.
Peter Hardy added: "Although there are signs of a weakening of rates in certain pockets of the market and also of competition for well rated business in others, there continue to be grounds for optimism at the rating improvements being seen in some of our key accounts. We feel positive that the market will remain buoyant for 2003 and hopefully beyond."
