Bermuda-based ESG Re Limited (ESREF.PK) reported its financial results for the quarter ended Sept. 30, 2003.
The company reported total revenues for the three months ended Sept. 30, 2003 of $22.3 million, including net premiums earned of $21.3 million. The company had an underwriting profit for the quarter of $7.4 million before accounting for the increase in legal reserve of $5.9 million. The company also reported gross written premiums of $44.2 million for the quarter.
Operational expenses for the quarter were $11.8 million including a charge of $5.9 million in respect of an increase in the legal reserve to cover exposures in relation to treaties under arbitration and investigation. Other operating expenses amounted to $5.9 million which was in line with budgeted costs.
The quarter resulted in an overall net loss of $3.4 million, or $0.31 per share.
In assessing the third quarter, Alasdair Davis, CEO, stated that “We successfully wrote new business of $38.0 million in the reinsurance segment in the quarter and we expect to continue to write further amounts of reinsurance business in the fourth quarter of the year. Furthermore, we continue to grow the direct segment where premiums written for the nine months ended September 30, 2003 were $24.7 million compared to $18.9 million for the same period last year. We have also settled the CNA Re litigation matter which removes a significant uncertainty from the Balance Sheet”.
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