Wellington Underwriting's Lloyd's management agency Wellington Underwriting Agencies Ltd (WUAL) said that for the 2001 year of account, the forecast for Syndicate 2020 had been revised to between -20 and -15%, with capacity of £499.4m.
The forecast was previously between -21 and -16%.
For the 2002 year of account the forecast for Syndicate 2020 remains unchanged at between 7.5 and 15% with capacity of £642.4m.
WUAL also announced two developments which it said were expected to boost Syndicate 2020's profitability.
Ten underwriters and two operations staff, previously trading as the Reinsurance Management Group, have joined Wellington's US subsidiary, Wellington Underwriting Inc. the team will underwrite an accident and health reinsurance account.
Subject to Lloyd's approval, the business is expected to add approximately US$50m of additional premium to be written by Syndicate 2020 in 2004.
WUAL said the second development followed the formation of Aspen Re in June 2002. From December certain property, facultative and auto liability reinsurance business will be written into Syndicate 2020. This is expected to add $50m worth of premium in 2004, said WUAL.
For 2004, Syndicate 2020 is expected to reach $200m of written premiums, concluded WUAL.
