The Board has announced the 2013 results for Klapton which saw a fall in premium income from €48m to €32m.
Primarily as a result of the EEA portfolio, the company recorded a net underwriting loss of €(3.9)m.
The net loss of the year was €(9.5)m
Despite this loss, Klapton maintains a strong capital case, with capital and reserves in excess of €40m together with total assets of €75m.
Klapton raised additional capital in 2013 of €9.2m in 2013 to further strengthen the Company.
Mr Reches said “Although the results are disappointing, the Board has been proactive and has taken measures to prevent reoccurrence by discontinuing the EEA portfolio and taking a renewed focus on our core business”.