LONDON (Bloomberg) ? Wellington Underwriting Plc, a Lloyd's of London insurer, said first-half pretax profit will be at least ?66 million ($119 million), helped by investment income from a stake in Bermuda's Aspen Insurance Holdings Ltd.

Earnings have also been helped by a "good" level of claims, the London-based company said today in a Regulatory News Service statement. First-half pretax profit, which was ?32.4 million in 2004, will surpass "market expectations," it said.

Wellington's return on an investment in the Bermuda-based reinsurer Aspen will be at least ?27 million, the company said yesterday. Wellington specialises in covering risks ranging from terrorism and accident to health, property and shipbuilding in the three-century-old Lloyd's insurance market.

Chief executive Preben Prebensen said the company may also report "strong" full-year earnings. Wellington shares have risen 22 percent this year, double that of the 27-member Bloomberg European Insurance index.