ATRIUM PREPARES MARKET FOR BETTER THAN EXPECTED PROFITS

Atrium Underwriting sent its share price upward today on the announcement that pre-tax profits will exceed expectations for 2004. The Lloyd’s managing agency said profits would total “not less than £30m” owing to favourable development for the 2003 year of account and better than expected results from its participations in syndicates managed by third-parties. In addition, the results for 2004 will recognise an extra £4m in profits following the group’s preparations for Lloyd’s move to annual accounting from the end of this year which have prompted modifications to the group’s reserving methods. The full details of Atrium’s preliminary results for 2004 will be released on April 26.