Copenhagen Re reports DKr201m loss for 1999

COPENHAGEN - Copenhagen Re has reported a loss of DKr201m ($26m)after tax for 1999.The result compares with a profit of DKr26m forthe previous 12 months. Net premium income rose to DKr1.99bn, up 15%,however, claims net of reinsurance rose by 30% to DKr1.98bn. Groupchief executive, Jan Hornsberg, blamed the poor results on a highloss frequency especially in Europe. This he said was compounded by adecision to go for growth in 1998 at a time of falling rates. MrHornsberg added that the company's analysis of business written sincethe first quarter of last year suggested that the company wasreturning to profitability.