Goshawk has posted a $140m loss for its year ending 31, December, after delaying reporting twice earlier this year.
The insurer has faced tough times in the past year. First it made “devastating” losses in the US hurricane season, then it saw a deterioration of its reserves followed by massive run off costs when its reinsurance unit, Rosemont Re, ran out of money.
In November 2005, the company's directors were replaced across the board.
This is the first set of results under the new board of directors, headed by chief executive Michael Dawson.
The $140m loss, up from just $4m a year earlier, represents a loss per share of $0.81, compared with $0.06 a year earlier.
Chairman Macnamara said: “As a result of the liabilities incurred, the need to repay lenders, the earliest any dividend should be expected is after the year end 2008 accounts are signed in 2009.”
