Wellington will hold fire on moves to establish a new trading platform outside Lloyd's as it concentrates on developing US operations.
The Lloyd's managing agent has indicated that it is keen to explore a new trading platform to complement its existing Lloyd's and US businesses.
Chief executive Preben Prebensen told Insurance Times in March that the company had a number of destinations in mind with Bermuda on the list of contenders. But he confirmed last week that no decision has been made on the move. Instead Prebensen said that it was still a "long-term objective" that the company would continue to look at.
His comments follow the announcement last week that Wellington Underwriting will launch a marine reinsurance business to underwrite treaty reinsurance on behalf of Syndicate 2020 in the US.
Meanwhile, Wellington announced a small rise in profits before the impact of foreign exchange from £43.4m to £44m in the first six months of 2006.
Net combined ratio rose from 82.4% to 87.3% with the Group's gross written premium also up by 23% to £357.7m.
