Wellington's 2005 profits hit badly by storms
Wellington Underwriting produced a pre-tax loss for the 2005, after hurricane losses put its busines...
Wellington Underwriting produced a pre-tax loss for the 2005, after hurricane losses put its business into the red. In a statement, the group's chief executive Preben Prebensen said: "The pre-tax loss caused by the impact of Hurricanes Katrina, Rita and Wilma in 2005 was disappointing. We have responded by adjusting our risk profile, positioning us to benefit from higher rates with less risk to extreme events." Following the £140m impact of hurricanes, total consolidated losses before tax were
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