American Re Corp. reported first-quarter net income of $56.5 million, compared with $88.5 million in the first quarter of 2005.

The Princeton-based company attributed the 25 percent decline in earnings to higher interest expense on ceded funds held, mainly for the loss portfolio transfer reinsurance agreement executed in 2005 with Munich Re, the company's parent.

The company reported a 7 percent decline in gross premiums written for the first quarter, posting $889.3 million, compared with $954.1 million for the same period in 2005.

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