Lloyds managing agent Beazley is increasing Oak Underwriting's capacity by 40% in 2003.
Oak Underwriting director Stephen Endean said that in 2002 Oak wrote £6.2m gross written premium and was hopi ...
Lloyds managing agent Beazley is increasing Oak Underwriting's capacity by 40% in 2003.
Oak Underwriting director Stephen Endean said that in 2002 Oak wrote £6.2m gross written premium and was hoping to write up to £9.5m next year.
"This has already been agreed with Beazley," he said.
Endean said Oak was in the process of reviewing its budget and expected to make a profit in excess of £100,000 by year end.
He said by September this year, the insurer had made £95,000. "By the end of the year, we will be close to paying off the £150,000 backing," he said.
