Half-year results for the Beazley Group show an increase in profits to £2.54m, up from £596,000.
These are the first half-year results issued since Beazley floated on the London Stock Exchange in Novemeber 2002.
Gross written premiums were at £162m, an increase of 51%. The company also reduced its claims ratio to 41% and achieved a combined ratio of 80%. The interim dividend was 0.25p.
Beazley said the underwriting results showed a "highly satisfactory start". Prospects are said to be good for the rest of the year.
Chief executive Andrew Beazley said: "The underlying business is performing well, with the net earned premium at the level expected, given that underwriting only commenced on 1 January."
