Lloyd's broker Harman Wicks & Swayne reported profits up by nearly a third in 2002.
The company, currently celebrating its 15th anniversary, focuses on placing non-marine reinsurance for Lloyd's syndicates and it has a growing business in the US.
Pre-tax profits increased by 29% to £1.28m from £998,000 in the period.
Chairman Christopher Harman said 2002 was "an exceptional year".
"It's unexpectedly good and 2003 does not, I regret to say, continue that trend."
Growth would continue but at a slower rate in the current period, he predicted.
He expected to pick up new business from the current volatility in the reinsurance market.