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News - Wellington to hit target on catastrophe exposures.
(From Reinsurance)
Lloyd's (re)insurer Wellington has reported accelerating average rate increases and said that it expected to have written all its targeted aggregate catastrophe exposures by 1 July.
In an AGM statement it added that at 31 May 2006 its Syndicate 2020 had written $586m of its total 2006 estimated net premium of $1.4bn.
The group said that trading conditions in 2006 have been favourable throughout the various classes of business, and rate relativities through 31 May 2006 show an overall increase of 16% (11% previously announced through 31 January 2006).
Wellington reconfirmed that it has significantly adjusted its underwriting approach in 2006 for the classes of business (energy, property and property treaty) that were affected by the loss experienced by the 2005 hurricanes, and has focused on ...
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