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Share Name | Share Symbol | Market | Type |
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Goldman Sachs Group Inc | TG:GOS | Tradegate | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-1.85 | -0.41% | 444.75 | 444.15 | 445.20 | 447.45 | 439.00 | 447.45 | 351 | 22:50:16 |
RNS Number:6562U Goshawk Insurance Holdings PLC 27 January 2004 GoshawK Insurance Holdings plc Results announcement date and trading update GoshawK Insurance Holdings plc ("GoshawK"), the parent company of GoshawK Reinsurance Limited in Bermuda ("GoshawK Re"), intends to announce its preliminary results on 2 April 2004. This announcement provides an update to the market of GoshawK's recent trading. Trading update GoshawK Re's trading in 2003 was creditable, given the adverse impact of the temporary suspension of its credit rating and the circumstances of Syndicate 102's closure. Moderate loss activity and good investment results were the main contributors to GoshawK Re's performance. GoshawK previously announced on 23 December 2003 that revised banking arrangements had been put in place. These arrangements provide Goshawk with the ability to maintain a stable capital base for GoshawK Re. GoshawK Re's capital position continues to be strong and is not materially impacted by the run-off of Syndicate 102. Overall, GoshawK Re's January 2004 renewal season was satisfactory. The international property account and the marine account had a good showing of business and the underwriters were able to bind business that was well priced. Signings were as expected, or better, for the majority of the business. The Lloyd's market, however, accounted for a smaller share than might otherwise have been expected. Less US property business was bound than had been planned. Softening rates and an excess of capacity in the US reinsurance market generally made it difficult for carriers without an established position in that market to gain market share without compromising on margin. GoshawK Re chose to maintain underwriting discipline in these circumstances, but remains committed to pursuing good quality US business. Goshawk Re's underwriting portfolio was subjected to a rigorous reappraisal during the final quarter of 2003. The underwriting team is concentrating on a core mix of short tail lines of business where the underwriters have particular experience and successful track records. The foundations have now been laid for 2004 and, although much work remains to be done, GoshawK Re intends to maintain its discipline and focus on higher margin business with a view to generating sustainable profitability for the long term. Since the announcement on 31 October 2003 that Syndicate 102 would close to new business and be put into run-off, good progress has been made in appointing an agency to manage the run-off of the Syndicate and in managing the costs to GoshawK of closing down its Lloyd's operations. The formal transfer of the Syndicate is expected to be complete by the end of April 2004. As part of the restructuring consequent on the closure of Syndicate 102, GoshawK continues aggressively to reduce its central overheads. A significantly leaner cost base is being put in place, the benefit of which is expected to be felt in the latter part of the current financial year and thereafter. In its announcement of 31 October 2003, GoshawK estimated that restructuring costs of some #35 million would be incurred, of which some #32.2 million were balance sheet write-offs or write-backs. To date, some #3 million of non-balance sheet restructuring costs have either been incurred or provided for, the majority of which will be charged to the profit and loss account in 2003. It is anticipated that this amount will constitute substantially all of the costs of restructuring GoshawK. Foreign Exchange During most of 2003 GoshawK had in place a hedge to restrict the impact of fluctuations in the rate of exchange between the US dollar and sterling on its balance sheet. This hedge was effective in mitigating the impact of weakening in the US dollar against sterling. Going forward, GoshawK will be primarily a dollar company, as its principal trading subsidiary, GoshawK Re, operates in dollars. GoshawK is currently considering whether it will continue to manage the translation differences arising from exchange rate fluctuations, as these differences do not result in realised gains or losses. Board Change Consistent with the cessation of the majority of GoshawK's activities in London and the steps taken to minimise GoshawK's central overheads, Andrew Castell has notified the board of his intention to resign his position as Group Finance Director. Andrew has devoted considerable energy to GoshawK's affairs during what has been an extremely difficult time and the board wishes to record its appreciation of his efforts, which have been a significant contributor to the process of restoring GoshawK to stability. Andrew will remain in place as Group Finance Director until the announcement of the Group's results. Jon Beck, currently Chief Financial Officer of GoshawK Re, will assume the additional responsibilities of Finance Director of GoshawK on Andrew's departure. Jon, a chartered accountant, has over ten years' experience of the insurance market. He joined GoshawK Re in April 2002, having previously been Chief Financial Officer of ACE Capital Re International. There is no further information to be disclosed for Jon Beck pursuant to the requirements of paragraph 6.F.2(b) to (g) of the UK Listing Authority Rules. Paul Spencer, Chairman of GoshawK, said: "We are pleased with the performance of the team in Bermuda in achieving a creditable showing of business in the critical January renewals, especially given the backdrop of the recent difficulties faced by the Group last year. We are focused on further building the strength of GoshawK Re's business during 2004 and beyond. Excellent progress has been made in effecting the transfer of Syndicate 102 to a run-off agency and in scaling GoshawK's UK overheads back to a level consistent with its circumstances." 27 January 2004 ENQUIRIES: GoshawK Insurance Holdings plc 020 7621 0777 Paul Spencer, Chairman Andrew Castell, Finance Director College Hill Associates 020 7457 2020 James Henderson This information is provided by RNS The company news service from the London Stock Exchange END TSTBIGDBLGDGGSL
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