Bermuda-based ESG Re Limited reported an overall first quarter loss of $5.529 million compared to a net loss of $3.9 million for the first quarter of 2001. The net loss per share for the three months ended March 31 was $0.47 compared with a net loss per share of $0.33 for the first quarter 2001.
CEO Alasdair P. Davis noted that while ESG Re was continuing the trend of improved technical results, the overall first quarter loss resulted primarily from a loss on one contract in the 2000 underwriting year in the North American operation.
He indicated that the “technical results from 2001 and 2002 underwriting years continues to be favourable and demonstrates that the business strategy is sound and will provide a platform for return to profitability in 2002.”
The bulletin noted an improvement in the company’s loss and acquisition expense ratios for the three months ended March 31, 2002 and 2001 were 98.8 % and 104.0%, respectively. “The combined ratio for the three months ended March 31, 2002 was 118.8%, compared to 120.3% for the three months ended March 31, 2001.”
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