MGA Atrium Underwriters sees £38m boost in 2021 underwriting profit

Atrium Underwriters, the managing agent for Lloyd’s Syndicate 609, has reported an underwriting profit of £71m for 2021, up from £33m in 2020, according to its annual year-end results, published today (15 February 2022).

The firm’s total comprehensive income also improved, increasing to £68m in 2021 – up from £55m in 2020.

This was despite insured losses from natural catastrophes exceeding $105bn (£77.46bn) in 2021, “making it one of the costliest years on record”, said Atrium Underwriters chief executive Richard Harries.

Atrium further reported £711m in gross written premium (GWP) for 2021 – up from £633m in 2020 - while net earned premiums increased from £536m in 2020 to £590m in 2021.

The MGA’s combined operating ratio (COR) also improved, from 93.8% in 2020 to 88% in 2021.

Growth agenda

Harries said: “This success is a direct result of the hard work and dedication of the Atrium team, who have been relentless in continuing to deliver against our business strategy.

“Our empowered team have continued to secure opportunities, which demonstrates the commitment to controlled, profitable growth across the business.

“Our ongoing investment into IT infrastructure and our people have enabled Atrium to continue to work flexibly, as well as drive our growth agenda.

“We are excited about the opportunities ahead as we seek to continually improve our business.”

The chief executive added that attracting new talent to the business will play a key role in Atrium’s growth ambitions for 2022.

Syndicate 609 active underwriter Toby Drysdale said: “Syndicate 609 has yet again delivered another excellent result.

“I am immensely proud of our continued profitable underwriting performance.

“Covid continued to bring disruption to our lives during 2021, but all our staff showed huge commitment, resilience and dedication - this allowed us to deliver high service levels and underwriting expertise to our brokers and clients.”