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LONDONLondon-based Goshawk Insurance Holdings P.L.C. has reported a £2.6 million ($4.9 million) net loss in the first half of 2006, compared with a £0.5 million loss in the same period 2005.
In his report, Chairman Rory Macnamara said that the company had continued in "fragile state" since last reporting on September 1, 2006. Goshawk owns Rosemont Reinsurance Ltd., the Bermudian reinsurer that went into run-off last year having sustained significant hurricane losses in 2004 and 2005.
In his statement Mr. Macnamara said that the first half loss was due to "continued high levels of both expenses and financing costs due to the default rates being charged on the group loans".
On September 26, Goshawk's shareholders agreed to a proposed £19.8 million rights issue which will be used to repay bank debt.
He also said that Rosemont Re still had a significant number of policies in force and, while management had cancelled many of these, material exposure remained during the first half.
As a result Rosemont Re had spent $1 million on purchasing reinsurance to cover earthquake and windstorm.