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News - Wellington reports GBP26m loss.
(From Reinsurance)
Wellington Underwriting has produced a pre-tax loss for the last financial year, after massive hurricane losses put its business into the red.
Chief executive Preben Prebensen said: "The pre-tax loss caused by the impact of hurricanes Katrina, Rita and Wilma in 2005 was clearly disappointing. Going forward, we have responded by adjusting our risk profile, positioning us to benefit from higher rates with less risk to extreme events. We have been encouraged by trading conditions so far this year, and we expect the market to harden further."
The company made a pre-tax loss of GBP26.2m (compared to a profit of GBP77.2m in 2004) after a GBP140m impact from 2005 hurricane losses. It made a total consolidated loss after tax of GBP13.7m.
Gross premiums written were up 17% to GBP523.4m, reflecting the group's 66% share of business underwritten by Syndicate 2020 (2004: GBP447.5m; 56%). The company had a combined ratio of 122.6% (88.4% before ...
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