Sydney-based Calliden Group has reported a net loss of $1.1 million for the six months to June, compared with a loss of $2.6 million for the previous corresponding period.

The result was ahead of the insurer’s expectations. Gross written premium of $19.2 million was up from $1.8 million, and compares with $11.9 million for the 2005 financial year.

CEO Nick Kirk says the result stemmed from good underlying performance in general insurance, some one-off gains in its run-off operations and stronger than planned investment returns.

He says most of Calliden’s business has been won from direct offshore foreign insurers. “Our strategy is to develop business that doesn’t fit the more standardised processes and approach of the major insurers.”

The insurer recently acquired Sydney-based Dawes Underwriting Australia, a specialist motor underwriting agency in the prestige, exotic, veteran, vintage and classic markets. Calliden will not reveal the terms of the acquisition.

Mr Kirk says the acquisition of Dawes fits neatly with a strategy of writing niche personal lines business via established underwriting agencies.