Wellington Underwriting Agencies posts a pre-tax profit of £43.4 million after underwriting £601.7m for the 1997 year of account on its four managed syndicates.

Syndicate 51 produced pre-tax profit of £14.15m on capacity of £186.7m, syndicate 672 chalked up £27.7m profit on capacity of £261.9m and syndicate 1028 made £16.7m on capacity of £100m. Syndicate 439 made a loss of £15.2m on capacity of £53.1m.

Managing director Julian Avery said: "This announcement illustrates yet again the quality of our underwriting, in good times and bad."