Hiscox has announced its 1999 account results and 2000 open year forecast for Syndicate 33 - its syndicate managed by Hiscox Syndicates.
The 1999 result was -12.6% of capacity, lower than the estimate of -7.5% to -12.5%.
The group revised its estimate for the 2000 year of account from 0% to -5%, to -2.5% to -7.5%.
Despite lowering the syndicate forecasts, chief executive Bronek Masojada said: "In overall terms, the group results are expected to be in line with current market expectations."
He said this was because Hiscox had several other operations, including an insurance company that operated outside Lloyd's and an operation in Guernsey.