Wellington trading update
Wellington Underwriting has reported that underwriting conditions remained favourable during 2004. Overall, it said rates have decreased 5% which is in line with our expectations. In some classes of business, rate pressures have eased as the result of industry losses sustained from the Hurricanes Charley, Frances, Ivan and Jeanne. Rates in other lines, particularly US property, remain under pressure. Throughout all classes of business, terms and conditions have held.
The insurer will be announcing the results of the closing of its syndicate 2020 for the 2002 year ofaccount, as well as ranges for the 2003 and 2004 years of account, in mid-February.
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