Sins Of Past Ignite Canada Re Shakeup
Canada Correspondent
Toronto
Although net written premiums from the Canadian 2002 reinsurance treaty renewals rose by 31 percent to $1.12 billion, the cost of prior accident-year losses continue to bedevil the bottom-line financial performance of companies.
According to the latest financial returns for the Canadian reinsurance sector compiled by the Reinsurance Research Council (RRC) in Toronto, reinsurers finished the 2001 financial year with a dismal 5 percent ROE based on an after-tax profit of $29.7 million. This came to just over one-third of the net profit reported for the previous year.
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