Lloyd's managing agency Liberty Syndicates has generated a profit on each of its managed syndicates, resulting in a combined ratio for 2002 of 85.1%.
The low combined ratio means Liberty has made more from premiums than it pays out in claims across its syndicates.
Liberty posted a 1% profit on the £112.5m capacity for syndicate 190 and a 4% profit on £35m capacity for syndicate 282 for the 2000-year of account.
Liberty Syndicates said it expects a loss for 2001, with World Trade Centre losses and a poor claims year impacting results.
Managing director Sean Dalton said that for 2003 the focus has switched to non-marine "as this is where we think the biggest gains are to be made".
