Ockham Holdings, the motor insurer that trades as Highway, reported profits soaring to £7.2m after tax for 2001, up from a £2.1m loss in 2000.
The group put the turnaround in performance down to rising motor rates.
Average premiums achieved in 2001 were 15% higher than in 2000.
Ockham did not lose any money due to the World Trade Centre attacks following a decision to concentrate on motor insurance.
Highway's combined ratio, which measures costs and claims as a percentage of premiums, improved to 99% from 108%.
A placing and open offer announced last month raised £23.2m.
Chairman Allen Thomas said: "The operating profit from continuing operations of £12.6m in 2001, based on our long term rate of investment return, represents a substantial turnaround of nearly £23m from the previous loss."
