Wellington has updated its estimate of the impact of losses from hurricanes Katrina, Rita and Wilma in 2005.
Wellington said profit before tax for its 2005 financial year will be materially impacted. The group's share, which is approximately 66% of the net impact from the hurricanes to Syndicate 2020 totals around £90m.
The company said that it has anticipated that this loss, which is offset to some extent by favourable loss development on prior accident years will result in a small pre-tax loss from group underwriting operations.
It added that the pre-tax loss from the group underwriting operations, combined with the pre-tax gain from Wellington's investment in Aspen, should result in a small consolidated pre-tax profit for the 2005 financial year.
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