RenaissanceRe To Adjust 2001-2004 Financial Results
NU Online News Service, Feb. 22, 3:58 p.m. EST?The Pembroke, Bermuda-based reinsurance and insurance company RenaissanceRe Holdings Ltd. said today it is reinstating financial results from the 2001-to-2004 periods because of newly discovered accounting errors from ceded reinsurance, resulting in minor changes to net incomes from those periods.[@@]
The net impact of these corrections is to raise 2001 income by $20.6 million, lower 2002 income by $21.9 million, and increase 2003 income by $1.3 million. The newly adjusted incomes for those periods would now be: $606.3 million for 2003, $342.9 million for 2002, and $184.6 million for 2001.
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