Euclidian has announced that its worst case net position, as a result of the terrorist attacks in the US, is a containable loss of less than 6% of its Syndicate 1243's capacity of £122m.
The firm added it considered this to be a manageable figure.
"I would stress it is our net figure after considerable reinsurance recoveries, slow collections of reinsurance claims or failure to collect reinsurance recoveries due to bad debt could impact the final result," said Euclidian chairman James Truscott.
"While this latest loss is a considerable setback to the underwriting
company, we as management and all the underwriters will now put our
shoulders firmly behind the wheel to make good any loss and return to
profit," he said.
The insurer said its initial investigations show its exposure appeared to be limited to its personal accident, property, hull war and excess of loss writings.
