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Conclusion

The burdens reported in the financial statements were cushioned by an injection of shareholders’ capital impacting on income in 2001 as well as an inpayment of new equity in March 2002. This will permit respon- sible action in response to the now-improving opportunities perceived in the reinsurance market. Regardless of this, capital market and rein- surance risks which could jeopardise the continued development of the Company and the future of the present business model cannot be ruled out. In particular, such risks include unforeseen exceptionally large burdens of claims arising from major loss incidents such as the World Trade Center, experience with run-off deficits, loss of competi- tive strength and failure of planned or instituted restructuring measures and measures concerning portfolio management.

60 Gerling-Konzern Globale Rückversicherungs-AG/Management Report

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