The boom in wire-free internet and the switch to high-definition TV could be good news for Brit Insurance.

The sponsor of the Surrey Oval and England cricket team is the biggest Lloyd's of London insurer in the aerospace field.

Chief executive Dane Douetil says: “We are the world leaders in space insurance and there will be an increase in satellite launches for HD television and wireless networks. There's a reasonable pipeline of launches.”

Brit unveiled results for 2009, a solid year, aided by there being fewer natural disasters than in 2008 when Hurricanes Ivan and Gustav battered insurance balance sheets.

Profits soared more than 300% to £171 million, allowing Brit to maintain its return to shareholders at 60p a share. Premiums rose 21% to £1.7 billion.

Douetil expects 2010 to be tough and is not chasing new business.

“There are times when it is appropriate to expand the company and times when it isn't,” he said.

“We think rates will be flat and investment income hard to come by, so we will concentrate on maintaining margins.”

Brit managed to make an investment return of 4%, much better than the 0.2% of 2008, but retains a conservative stance that sees less than 3% of its portfolio in equities. The rest is cash and bonds.