Wellington Underwriting Agencies said underwriting capacity in its 2002 year of account was above its original forecast.
The company said its final profit for the 2002 year of account was 12.8% of capacity, which is above the mid-point of the previously forecast range of 10%--15%. Underwriting capacity for the year was £642.2m, it said.
The forecast range for the 2003 year of account has been narrowed to 13% to 18% capacity from 11% to 18%. Underwriting capacity for the year, it said, was £699.1m.
Wellington said the improvement in the forecast reflected “good claims experience and the further reduction in current exposure on business written in 2003.”
The company has also announced its initial forecast range for the 2004 year of account would be between 8% and 15%. Underwriting capacity for the 2004 year of account was £728.8m, it said.
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