Wellington Underwriting has reported trading conditions in 2006 have been favourable throughout the various classes of business and that it is on track to deliver on its 2006 plan.
In an AGM statement chairman John Barton will tell shareholders that Wellington Syndicate 2020 has written $586m of its total 2006 estimated premium (net of commissions) of $1.4bn through May 31, 2006.
He said rate relativities through May 31 show an overall increase of 16%, against 11% previously announced through Jan 31.
He also added that the Syndicate is on track to reach its targeted aggregate exposures by July 1st.
The forecast result for Syndicate 2020 for the 2004 year of account remains unaltered at +6 to +11 pct of capacity, as does the 2005 forecast of -12 to -23 pct.
Barton also said the recent stock market conditions have not had a significant impact on the value of the group's investment portfolio.
