DANISH Re Group has made a net loss of US$9m (£6.3m) for its first year of trading.

Results for the year 2000 reveal the company had a gross written premium of $152.5m (£107.4m) and net premiums of $115.2m (£81.1m).

It made a gross underwriting profit of $15.8m (£11.1m) and a gross loss ratio of 64.5%. But overall Danish Re, which set up ten offices around the world last year, saw a net loss of $9m (£6.3m).

Chief executive officer Leif Corinth-Hansen, said: “We had a good year 2000 result but the bottom line loss was as budgeted and caused by start-up expenses.”