Kiln's Lloyd's managing agency reported a healthy 2004 policy renewal season and gave a positive account of the initial results of its syndicates over the past two years.

Chief executive Edward Creasy said: "2002 remains on track to be an excellent year.

"Initial signs for 2003 on increased capacity look equally encouraging. Kiln enjoyed a good 2004 renewal season with rates by and large holding steady."

Kiln said its performance for the 2001 year of account was particularly strong, despite the losses from the World Trade Centre attacks. Non-marine Syndicate 807 delivered a profit of 5.8% on capacity.

Its flagship Syndicate 510 produced a profit for 2001 as forecast in the group's initial estimates, made in October 2001.