Poor results for Clarendon Insurance Group

Hannover Re has announced what it described as “disappointing” results for fiscal 2000 for the New York-based Clarendon Insurance Group, which it bought in February, 1999. Although Clarendon’s gross premium income increased by 15 per cent to $1.7 billion, the firm’s after-tax profit “fell markedly from $33.8 million to $1 million”, according to a press release dated March 8.