Quanta takes big 3Q hit and confirms property pullout
Bermudian (re)insurer, Quanta Capital Holdings, has reported that its net loss for the third quarter of 2005 was $59.1m and has conformed that it is withdrawing from property underwriting to concentrate on specialty lines. The hit to earnings compares to a net loss of $37.4m for the third quarter of 2004.
Tobey J. Russ, Quanta's CEO, said, "For the second year in a row the industry has suffered from an unprecedented number of hurricanes and our third quarter results reflect the magnitude of theseOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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