Wellington Underwriting plc has announced plans to increase capacity for its managing agency - Wellington Underwriting Agencies Ltd - to £700m next year, up from £625m in 2002.
This is conditional on the successful launch of Wellington Re and receiving Lloyd's approval.
The company's plans were outlined by the chairman, John Maxwell, at today's annual general meeting (AGM) at which all the resolutions were passed.
Maxwell said: "As we have reported in detail previously, the World Trade Centre attack had a major negative impact on Wellington, as well as many other insurers and reinsurers. Whilst inevitably, with an event of this unprecedented scale, there remains uncertainty, the claims position does seem to be stabilising and the loss estimates which we put out four months ago in February remain valid.
"Post-11 September rates, which were already hardening significantly, moved dramatically and underwriters are now reporting one of the hardest markets they have experienced, probably more like 1986 than 1993."
He added: "To take advantage of this market and to capitalise on Wellington's strong market leadership position, we announced three weeks ago the formation of Wellington Re, backed by nearly £450m of private equity finance."
Maxwell also paid tribute to Allan Fulkerson at the AGM who is retiring from the board after six years' service.
