Advertise
Resources
Member, Beacon International Group, Ltd.
LONDON--Wellington Underwriting P.L.C. recorded a pretax profit of £32.4 million ($58.8 million) for the first half, up 33.3% over the first six months of 2003.
Wellington attributed the growth to strong underwriting conditions, low losses and reduced reinsurance costs. The London-based insurer also noted that its first-half 2003 result had been restated in to reflect changes in accounting standards.
Wellington wrote gross premiums of £294.2 million ($534.3 million) in the half, up 10.9%, while its combined ratio improved by nine percentage points to 83%.