Atrium Underwriters Limited (Atrium), the managing agent for Lloyd’s Syndicate 609, has reported a 31% decrease in underwriting profit to £33 million for 2020.
Total comprehensive income similarly decreased by 24%, from £72 million to £55 million.
In contrast, Atrium increased its gross written premiums by 7% from £590 million to £633 million.
Over the year, the company’s combined ratio also deteriorated slightly from 91.4% to 93.8%.
Richard Harries CEO, Atrium Underwriters Limited commented: “£55 million is an impressive profit in the face of a global pandemic and I want to thank the Atrium team for delivering this excellent result,” said Richard Harries CEO, Atrium Underwriters Limited.
“Our success has been achieved by consistently focusing on underwriting discipline and risk selection across a diverse book, which is delivered by a team of independent thinkers working together in the interests of the whole business. This highly successful approach will continue to deliver profitable growth through 2021 and beyond.”
Toby Drysdale, Active Underwriter at Syndicate 609, also commented: “Syndicate 609’s 2020 Net Combined Ratio of 93.8% is exceptional in the circumstances and is testament to our commitment to controlled, profitable growth.
“The excellent 2020 result includes a contribution from the 2018 and previous year of account, which closed with a profit representing 7.7% of stamp, maintaining the syndicate’s record of unbroken profitability,” Drysdale explained.
“During 2020, we have carried rate increases where appropriate at differing paces and levels across individual classes. We are optimistic about 2021 as market conditions remain positive and see a number of promising growth opportunities, which is reflected in our significant stamp capacity increase to £625 million.”
