Towergate Underwriting Group reported profits up by 30% to £12m for last year compared to £9m in 2001.

The group of specialist underwriting agencies increased premium income by 20% over the period to £205m, from £170m the year before.

Chairman and chief executive Peter Cullum said its financial performance was equivalent to a return on capital of 50%.

He forecast operating profits would grow a further 20% this year as a result of organic growth.

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