Brit Insurance is being tipped as a share to buy, despite making a loss, before tax , of £97.1m in 2001.
The specialist property and casualty insurer, which runs seven Lloyd's syndicates, was hit hard by the 11 September disaster. It estimates its losses from the terror attacks at £82.5m.
The figure includes losses attributed to poor performance of investments, due partly to the stock market crash that followed 11 September.
Lloyd's analyst Numis published the data alongside the recommendation to buy.
Brit shares were trading at 75p on Tuesday..