Wellington Puts Hurricane Losses at $27 Million
U.K. Lloyd’s insurer Wellington Underwriting plc announced that the net impact on the Group’s profit before tax for 2004 from the recent hurricanes would be approximately £15 million ($27 million).
Wellington said it has now “reviewed the potential financial impact of the four recent hurricanes Charley, Frances, Ivan and Jeanne on our underwriting results.” The estimates are based on currently available information as assessed by the Group’s board.
“This will not impact the Group’s previously stated intention for payment of dividends,” said the bulletin. “Underwriting conditions continue to be favourable, and the Group expects these events to have a positive effect on insurance rates in the energy and non-marine property lines of business.”