Atrium reports drop in profit for 2020, but CEO remains bullish

Atrium Underwriters Ltd, the managing agent for Lloyd’s Syndicate 609, has reported a 31% decrease in underwriting profit year on year, down to £33m for 2020. Total comprehensive income fell by 24%, to £55m from £72m.

GWP was up 7% year on year to £633m from £590m.

The combined ratio rose to 93.8% from 91.4%.

Syndicate 609 writes a diversified portfolio of classes of business that include Accident & Health, Aviation, Liability, Marine, Non Marine Direct & Facultative, Property & Casualty Binding Authorities, Reinsurance, Upstream Energy and Terrorism. (For 2019 figures, see IMN, April 23rd 2020)

CEO Richard Harries said that “£55m was “an impressive profit in the face of a global pandemic, and I want to thank the Atrium team for delivering this excellent result”.

He said that “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, said that “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.”

Drysdale added that “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 £625m.”