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.”
Was this article valuable?
Here are more articles you may enjoy.
Half of Pilots Killed in US Accidents Tested Positive for Drugs 
Allianz’s PIMCO, L&G Sued in Scrap Over €1.2 Billion Brussels Tower 
Three New HO Carriers and an Improving Condo Market in Florida, Reports Show 
The Big Dog Is Off the Tech Porch: State Farm as ‘Next Gen Good Neighbor’ 
