Wellington Underwriting Agencies' Syndicate 2020 is forecasting a loss of 20%-30% for the 2001 year of account because of incurred WTC losses.
Excluding the WTC attacks, the Syndicate would be forecasting a profit ahead of its 2000 forecast. Its 2000 forecast has been increased to a range of 2%-5.5%, the company said. Wellington's participation on the Syndicate for 2000 year of account was 45.9%, while for 2001 it was 46.3%.
Publishing the forecasts and the audited 1999 year of account, Wellington reported a profit of 1.55% on capacity for 1999, in line with previous forecasts. Its participation for 1999 was 40.6%.
Wellington also said that it has raised its estimate of losses incurred by the WTC attacks by a further £25m to £75m. The company warned that this will impact on its results for 31 December 2001 to be announced next month.
