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by : Emily Apple

Advent, the managers of syndicate 780 (the property insurance and reinsurance syndicate), has reported its 2007 results on annual accounted basis. The last remaining third party members were on syndicate 780 (under the terms of a limited tenancy deal) for the 2007 account. The company produced an after tax profit of £19.2 million in 2007, as compared to £16 million in 2006. Net premiums earned in 2007 were £96.0 million, as compared to £81.7 million in 2006. They reported that net assets per share increased by 22% to 26.7p at 31 December 2007. Despite the fact that 2007 witnessed an increase in catastrophe losses compared with 2006, all lines of business reported underwriting profits, with the non-marine reinsurance portfolio producing an underwriting profit of £16.3 million. On a three year accounting basis, the 2005 year of account result is a loss of 74.4%. The 2006 forecast is for a profit in the range 20% to 25% and the initial forecast for 2007 is a
profit in the range 15% to 20%.