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.”