GoshawK has delayed the release of its preliminary full year results due to technical accounting issues on the run-off of its Lloyd's Syndicate 102.
The results, due to be published today, will instead be published by the end of the week beginning 5 April 2004.
Shares in GoshawK Insurance Holdings have fallen slightly in response to the company's announcement.
GoshawK said its results were expected to show ring fencing of Syndicate 102 following run-off, strong operating profit of £21.6m from GoshawK Re, a stable renewal season for GoshawK Re, and group net asset value on 31 December 2003 of approximately 55p.
Chairman Paul Spencer said: “We have had to delay announcing our group results due to the technical accounting issues of deconsolidating Syndicate 102.
"However, these results will show that GoshawK has effectively capped its Syndicate 102 exposures, restructured the business to focus on the profitable GoshawK Re and is on a sound footing for the future.”
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