Wellington Underwriting has reported a pre-tax profit of £30.9m for the year ending 31 December 2002.

This compared with a loss of £67.7m in 2001.

Net premiums written in 2002 were £269.2m, compared to £238.7m in 2001.

The company's 2002 managed underwriting capacity increased by 92% to £963m, as a result of qualifying quota shares and a consortium syndicate agreement reached with Berkshire Hathaway.

Meanwhile, the launch of Aspen, formerly Wellington Re, raised £448m through private equity investors.

Earnings per share in 2002 were 8.6p, versus a loss of 31.8p per share in 2001.

The company's combined ratio was 93%.