The Irish operation of UK-based Independent Insurance plc contributed £30 million to the 94 per cent growth in gross written premium to £81.9 million recorded by the insurer's international division for the year ended December 31st, 2000, according to the company's annual results.

"In the first year of trading, Ireland broke even at the underwriting level," Independent said.

But the figures for its Dublin-based re-insurer Novi Re were down on last year. The third-party income of Novi Re amounted to £12 million, compared to £12.8 million in 1999, while profit from this and participation in the group's core reinsurance programme generated £6 million, a drop of £1.2 million on 1999's figure. Overall operating profit at the group dropped by £29.7 million to £40.1 million compared with 1999.