Wellington Underwriting has reported a 23% rise in gross written premiums to £357m in the six months ended 30 June 2006 (HY 2005: £291.8m).
Profit from group underwriting operations before impact of syndicate foreign exchange rose marginally from £43.4m in the first half of 2005, to £44m.
Despite a drop in net combined ratio to 87.3% (HY 2005: 82.4%), chief executive, Preben Prebensen, called it "a strong underlying performance."
Prebensen added: "The actions taken earlier in the year to adjust the risk profile in the Syndicate have left us better positioned to benefit from higher rates, with less
exposure to extreme events.
"Our US operations are becoming increasingly important contributors to the group, providing strategic value through their distribution capabilities and local underwriting expertise. We are on target to
deliver in 2006."
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