This reinsurance underwriter at Lloyd’s offers cover for property and aviation. The company was founded as an investment firm in 1997 by its chief executive, Peter Scales, but switched to underwriting in 2000, bringing in an experienced team led by Elvin Patrick, chairman. Cathedral says its profile was boosted in 2001 when skilled underwriting and reinsuring its own risks enabled it to make a profit in its first year despite the September 11 attacks. This attracted new investors to its syndicate, allowing it to underwrite higher-value business. Thanks to a sharp rise in premiums since 2001, sales have grown 90% a year from £20.6m in 2000 to £140m in 2003.
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