Wellington Underwriting Net Falls With Industry Slowdown

Wellington Underwriting Plc, a Lloyd’s insurance underwriter which failed in a bid to buy Limit Plc last year, notes that full-year profit dropped 32 percent due to a slowdown in the insurance industry.

Net income for the year ended Dec. 31 slipped to 2 million pounds ($2.9 million), or 1.7 pence a share, from 3 million, or 2.5p, the prior year.

Wellington shares gained as much as 7.4 percent, to 145. To date this year, they’ve gained 9.4 percent.