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LONDONLloyd's of London insurer, Chaucer Holdings P.L.C., has an optimistic outlook for next year and plans to increase the business it writes in the market.
Chaucer, which manages Lloyd's syndicates 1084 and 1176, said that business written in 2004 is on track to produce "healthy" underwriting profits. Business written last year, which included record industry losses from natural catastrophes, is expected to produce a "small profit," Chaucer said in a statement.
Business this year looks "promising" due to strong trading conditions and an "exceptionally benign" hurricane season to date.
As announced in September, Chaucer plans to increase capacity on syndicate 1084 by almost 8% to £485m ($928 million). The company will also increase capacity on syndicate 1176 by 22% to £27.5m ($52.6 million) for 2007.
Ewen Gilmour, chief executive officer of Chaucer, said: "Both the positive picture for 2004 and our robust performance for 2005, despite record catastrophe losses, combined with the strong trading conditions experienced in 2006, including an exceptionally benign hurricane season to date, are extremely encouraging."