Kiln, has reported a surge in first half pretax profits, up to £15m from £3.5m last year.
Chief executive Edward Creasy put the increase down to strong underwriting conditions which continued in the first half of this year. Kiln's combined ratio for the first six months has continued to improve to a market-leading 75%, according to a report.
Creasy said: "These excellent results reflect the strength and depth of our underwriting teams and their ability to make the most of what continues to be a most favourable business environment." He added that the outlook was extremely promising.
Kiln has diversified into the liability market through investment in 20% in WR Berkley (Europe), the report said. The group is said to have financed the investment through a new Lloyds TSB line of credit facility, which avoided the need to ask shareholders for further capital.
Kiln chairman Ian Percy said: "The outlook for the full year, baring any major catastrophes, is expected to follow the same trend as the first six months."
According to Creasy, Kiln's claim ratio continued its downward trend, falling from 55% for 2002 to 43% to date, well ahead of Lloyd's average. Creasy added that rates were holding firm across the board and that premiums continued to increase year on year.
