Lloyd's insurer Wellington Underwriting has said rates remain firm and that payment terms are at favourable levels.

Speaking at the its AGM, chairman John Barton said Wellington is well placed to take advantage of the strong insurance market.

Barton added the insurer expects to increase its capacity for 2004 on managed syndicate, 2020, by 4.3% to £730m. The move reflects firm underwriting conditions and new business initiatives within the syndicate, he added.

However he warned that the current dollar/sterling exchange rate could adversely impact Wellington's written premium levels as reported in sterling.

Barton said: "Premium rates in most of the classes of business in which we specialise continue firm. Other terms and conditions, such as payment terms and retentions, are holding at favourable levels, although the current dollar/sterling exchange rate, if it persists, will impact our written premium as reported in sterling. We continue to underwrite for profit and not volume."

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.