Company profile: Europa Re

Europa Rückversicherungs, part of the GeneralCologne Re group, writes non-life reinsurance on a global basis. The company saw a 17% increase in gross premiums to €129mn (US$117.7mn) in 1999, although this increase was almost entirely due to exchange rate factors. Overall net premiums written rose by 16% to €116mn, resulting in a one-point fall in the company’s retention rate to 90%. But Europa Re was less fortunate on the underwriting front. Its pre-tax profits fell by 4% to €8mn in 1999. Improved investment earnings could only partially offset a €1mn deterioration in underwriting losses.