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Gerling Global Reinsurance Company of Australia Pty. Ltd. (GGR Sydney), Sydney

€ 110.3 million

€ 114.2 million

64.2%

68.0%

33.5%

37.2%

€ 7.2 million

€ 4.1 million

€ 125.9 million

€ 110.2 million

Gross premiums Loss ratio (net)* Cost ratio (net) Profit after tax Investments

  • *

    benefit and claim payments in relation to earned premiums

2001

2000

The collapse of one of Australia’s biggest insurers, HIH, ended the insurance-wide process of continuous price undercutting and inade- quate reserving which had led to insolvency of HIH.

Consolidation of the primary market continued, as did the improvement of conditions that was first noted last year. As many long-term policies expired, these developments also had an impact on the reinsurance mar- ket. The failure of HIH and the tragic events of 11 September strength- ened the resolve of reinsurers to offer insurance services only at reason- able prices – something underpinned by the introduction of stricter capital requirements by the Australian Regulatory Authority.

With the exception of the bush fires in Sydney at the end of 2001, no major catastrophes occurred. A good investment result also contributed to the profit after tax of € 7.2 million.

Life Insurance (GGL), Toronto, Life Reinsurance (GGLRe), Los Angeles, Life Reinsurance International (GGLRI), Bridgetown, Life Reinsurance Barbados (GGLRB), Bridgetown

2001

2000

€ 292.1 million € 3.1 million € 430.5 million

€ 335.3 million € 1.2 million € 369.6 million

Gerling Global Gerling Global Gerling Global Gerling Global

Gross premiums Profit after tax Investments

These four companies form the Life reinsurance arm of the Gerling Global Re Group in North America. Management and market servicing is anchored at the office in Toronto, Canada.

Gerling Global Re Group 25

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