Global Re reports substantial balance sheet loss
Global Re has announced that the 2003 financial year was another difficult year for the company. After having discontinued the underwriting of new property and casualty business on 26 October 2002, Global Re closed its first full financial year as company in run-off with a balance sheet loss of €100m (preceding year €438m).
Since no new business was added, the total of written premiums dropped 88.6% to €322m. Some part of this premium income was passed on to other reinsurers for the cover of business running off. NetOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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