GoshawK Insurance Holdings said its 2003 full year results had been hit by the closure of Syndicate 102, which has been put into run-off.
Pre-tax loss for the group was £57.5m, including a £73.2m loss from discontinued syndicate operations. Pre-tax profit for 2002 was £10.1m.
Gross written premiums were similarly affected by the closure of Syndicate 102, down from £456m in 2002 to £268m in 2003.
The group saw an operating loss for the year of £150m, compared with an operating of £7.6m for the previous year.
Chairman Paul Spencer said the company would now focus on its principal remaining subsidiary, GoshawK Re.
The operation, which is now focused on short-tail property and marine catastrophe insurance, posted an operating profit of £21.6m, slightly down on the £22.8m recorded for 2002.
Spencer said: “2003 was a traumatic year for GoshawK, due to the difficulties within our Lloyd's businesses. Following Syndicate 102 being put into run-off we have effectively confined GoshawK's future exposure to its committed funds at Lloyd's.
“I believe we have now effectively stabilised the business with a new management team in place and a refocused business at GoshawK Re.
“2004 will be a transitional year, with the proposed change of business mix and investment policy at GoshawK Re. I am confident that we have the platform for long-term growth.”
He added: “GoshawK's future lies with GoshawK Re and I am confident that the team there will continue to work hard and professionally for the group's future success.”
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