Jubilee managing agency denied claims that it would be moving out of Lloyd's to operate from Gibraltar.

Its new chief executive Theodore Agnew said: "There is no real advantage to moving out of Lloyd's as we would lose our A- rating and lose most of our business."

Agnew's formal approval to become chief executive has yet to be obtained from Lloyd's.

Agnew was appointed "to grow the motor business while also looking at introducing other classes of underwriting".

Agnew is confident for 2005. "I am thinking of looking at underwriting certain specialist motor business. I don't think rates will be falling dramatically and that it will still be profitable business for next year.

"Our underwriting team are able to differentiate the risks," Agnew said.

Jubilee currently underwrites £50m in motor premiums and operates Lloyd's syndicate 1231 and sub-syndicate 1952.

The group is 60% owned by individual shareholders and 40% by Caribbean insurance group Guardian Holdings.

Agnew was formerly chief executive of motor claims management company Town and

Country Assistance, which he set up in 1989. Agnew sold Town and Country Assistance in 2002 to WNS Global Services.