ATRIUM SEES PULLBACK IN 2005 AS MARKET “COMES OFF ITS PEAK”

Lloyd’s insurer Atrium said today that it remains “committed to cycle management” and that “as the market comes off its peak, we currently expect to be reducing both our underwriting portfolio and our gearing for 2005”. CEO Nick Marsh will say at today’s AGM that the insurer’s mid-point estimate for the 2002 year of account had improved slightly to a profit of 14.1%. Incurred loss ratios for 2003 remain better than for 2002 at the same stage. Forecast ranges for the 2002 and 2003 years of account for syndicates 570 and 609 remained unchanged. Mr Marsh said that the 2004 year of account “has made a promising start, despite a relaxing of rates on certain classes”. The company’s half-year results will be released on September 28. Meanwhile, Atrium has appointed George Rivaz as an independent non-executive director and is progressing in its plans to appoint another.