Goshawk Reports $10.5 Million Loss for 2001

March 27, 2002

Goshawk, a leading Lloyd's syndicate operator, reported a £7.4 million ($10.5 million loss for the year 2001.

An earlier profit warning had indicated that the need to strengthen its reserves would have an effect on its earnings. Most of the additional £11.5 million ($16.4 million) it set aside will go to cover claims resulting from the Sept. 11 attacks.

The company, which recently invested $142 million in new capital to establish Goshawk Re in Bermuda, predicted that earnings would improve as premiums increased this year.

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