Motor insurer Highway Insurance Holdings has improved its underwriting performance after its preliminary 2002 results revealed a 9.2% improvement in its combined ratio to 93.7%.
In 2001, the insurer's combined ratio was 102.9%. The reduction below 100% means that it makes more than it loses on its policies.
Its preliminary group results for 2002 also revealed a pre-tax profit of £13.5m, compared to £10.5m in 2001.
Highway also forecast a positive 2003 revealing that its gross premium limit has increased by 22% to £320m.
Executive chairman Ross Dunlop said: "I believe that 2002 was a watershed year for Highway and its shareholders. We have taken significant steps to improve the quality of the business by strengthening management, investing in better systems and reducing costs.
"We are therefore prepared to cope with conditions and circumstances affecting UK motor insurance which are likely to become more challenging as the cycle progresses."
