American Re Corp. reported its third-quarter net income at $10.9 million, up 60 percent despite record catastrophe losses in the United States exceeding $400 million.
The $10.9 million figure compared to net income of $6.8 million for the third quarter of 2004. Company officials at the Princeton, N.J.-based firm noted it has undergone a recent recapitalization with a major cash infusion from parent Munich Re.
As of Sept. 30, American Re said the statutory surplus of its reinsurance and insurance subsidiaries was $3.2 billion, compared to $3.4 billion at Dec. 31, 2004.
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