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Using BIL's retrocessional team operating from Bermuda, Norton Re will participate on treaties incepting from 1 January 2007. Our net income for the third quarter and the nine months ended September 30, 2006 was negatively impacted by further development on our medical stop-loss business incepting in 2005 and in 2004, which caused reduced underwriting profitability. Thung added, "Our 2006 operating results continue to be adversely affected by developments in business incepting in 2004 and 2005, however, business written in 2006 continues to track significantly better, at the same point in time, than business written in the prior two years. |
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