Wellington Underwriting has said the four recent hurricanes would knock £15m off its profits before tax.
In a statement it said: “On the basis of currently available information the board's initial assessment is that the net impact on the group's profit before tax for 2004 from these events will be approximately £15m.
“This will not impact the group's previously stated intention for payment of dividends.”
Wellington added: “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.“
