Highway Insurance Holdings has announced its 2002 results, posting a £13.5m pre-tax profit.
Announcing its results the motor insurer said it was well placed to benefit from positive trading conditions and increased premium capacity.
Operating profit before amortisation costs was £21.4m, up from £9.2m in 2001. Meanwhile operating profit was £15.9m, up from £12.6m in 2001.
The insurer generated £129.1m in gross written premiums in 2002- a £91m fall from 2001.
A Highway statement said: "Following our exit from Lloyd's and the capital-raising completed in the first half of 2002 we will have an underwriting limit of £320m of gross premiums in 2003.
"This is a 22% increase on our total premium income limit and means that we will not have to rely on co-insurance to the same extent as we did in 2002."
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."
