RenaissanceRe To Adjust 2001-2004 Financial Results
NU Online News Service, Feb. 22, 3:58 p.m.EST?The Pembroke, Bermuda-based reinsurance and insurancecompany RenaissanceRe Holdings Ltd. said today it is reinstatingfinancial results from the 2001-to-2004 periods because of newlydiscovered accounting errors from ceded reinsurance, resulting inminor 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 increase2003 income by $1.3 million. The newly adjusted incomes for thoseperiods would now be: $606.3 million for 2003, $342.9 million for2002, and $184.6 million for 2001.
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