American Re reports heavy 2005 loss after $1.4bn charge
Munich Re’s US subsidiary American Re has reported a 2005 GAAP net loss of $1,558.8m, primarily a result of the $1.4bn addition to the Company’s net loss and loss adjustment expense reserves recorded during the second quarter.
The 2005 result compared to net income of $103.1m in 2004.
At December 31, 2005, the statutory surplus of the Company’s reinsurance and insurance subsidiaries was $3.1bn compared to $3.4bn at December
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