Bahrain-based Arab Insurance Group (ARIG) has posted net losses of $51.1m (£36m) for the nine months to September 2001, compared to $49.9m (£35m) in revised net losses during the same period in 2000.
The company, the biggest reinsurance operation in the region, said the 11 September attacks in the US "severely upset" the performance of its wholly owned subsidiary ARIG Reinsurance.
ARIG Re is set to lose an additional $28.2m (£20m) from 11 September-related claims, as well as another $4m (£2.8m) in investments by year-end.
As a result, ARIG has begun withdrawing from its aviation insurance business.
ARIG's total assets fell by 12% to $1.6bn by end-September 2001.
