This particularly applies to business in the United States, where we con- tinue to expect run-off losses from terminated treaties. The US portfolio has now been regeared. The current costs of the US Property reinsurer were reduced by cutting around 70 jobs in April 2002.
The retrocession costs of the business we cede to reinsurance have increased considerably. In the early months of 2002, we were spared exceptionally large losses.
Gerling Global Re Group 31