Heritage this week reported pre-tax profit had more than tripled in the first half of the year. Pre-tax profit was £10.5m up from £3m in 2006.
But the company will continue to withdraw from the UK market owing to difficult conditions.
Unveiling the company’s interim results, Heritage chief executive Richard Pexton said: “Frankly, at the moment we believe UK market conditions are poor. Our UK property book is now only 3% of our business.”
Around 38% of the company’s business now rests in the UK, compared to about 44% in the previous year and 62% in 2003.
Gross written premiums rose £43.9m to £100m, while the combined ratio was maintained at 88%.
Pexton added: “The first half of 2007 has been a success. Rates continue to fall slightly but from high, profitable levels and we are confident of a more than satisfactory outcome for 2007.
“Our diversification strategy is progressing well and new classes of business have been started with leading class underwriters.
“The syndicate merger [1200 and 3245] was approved by Lloyd’s which gives us a more efficient platform for 2008.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
