ESG Re Limited Reports Results for the Year Ended December 31, 2003.Business Editors HAMILTON Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , Bermuda--(BUSINESS WIRE)--March 31, 2004 ESG ESG Enterprise Strategy Group (Veritas) ESG Emergency Shelter Grant (Florida, USA) ESG Expeditionary Strike Group ESG Electronic Service Guide (used in DVB) Re Limited (ESREF.PK) today reported its financial results for the year ended December December: see month. 31, 2003. The results show a net loss of $11.8 million for 2003, compared to a net loss of $51.2 million for 2002. The results for 2003 comprise To embrace, cover, or include; to confine within; to consist of. In the law governing patents—grants of an exclusive right or privilege to make, use, or sell an invention or product for a term of years—the term comprise : 1. An underwriting profit Underwriting profit is a term used in the insurance industry. It consists of the earned premium remaining after losses have been paid and administrative expenses have been deducted. It does not include any investment income earned on held premiums. of $6.8 million that was a result of: -- Continued growth in our Asian Direct Marketing business and profits on other lines of business arising from improved claims experience and our continuing programme of selective commutations. -- These items were offset by, (i) losses arising from the write down of estimated premium income on our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. business in the first quarter of the year, (ii) reduced premium writings in the North American medical business and the London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. accident and medical business. This was primarily due to the non-availability, until March 31, 2003, of audited financial statements for 2001 and 2002 and (iii) lower than anticipated premium earnings on our bancassurance Bancassurance A French term referring to the selling of insurance through a bank's established distribution channels. Notes: The result is a bank that can offer banking, insurance, lending, and investment products to a customer. business due to economic conditions in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). .2. Other income including investment income, realized investment gains and management fee income of $7.1 million for 2003 compared to $8.8 million for 2002. 3. Administrative expenses of $26.3 million for 2003 compared to $42.1 million for 2002. In assessing 2003, Alasdair Davis, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated that "In the early part of 2003, we were handicapped in our ability to produce new business until we were able to publish our audited financials for 2002 and 2003. This had a significant impact on our results for the year. Following the publication of these financials we were able to direct our full attention on building new business and effectively managing business already on the books. In 2003 we continued to grow our ESG Direct Business with net premiums written increasing from $25.9 million in the year ended December 31, 2002 to $31.6 million in the year ended December 31, 2003. We also wrote $38.9 million of new premiums in the North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. medical reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. market". Looking forward, Mr Davis continued by saying "Our focus in 2004 will be the continued growth of our Direct business and significantly increasing the premium volumes in the North American Reinsurance Medical business. We are anticipating achieving a breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations financial result for the 2004 year". Our Annual Report for the 2003 year will be available on our website (www.esg-world.com) on March 31, 2004. Recent Developments Resignation of Directors Mr. Peter Collery, President of SC Fundamental LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control which owns approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10.6% of our outstanding common stock has advised the company that he does not wish to stand for re-election re-election n → reelección f re-election n → réélection f re-election n → Wiederwahl f at the forthcoming Annual General Meeting. Mr. Collery indicated that the time commitment required by the position was disproportionate dis·pro·por·tion·ate adj. Out of proportion, as in size, shape, or amount. dis  pro·por to the size of
his firm's investment in the company and that he believed that the
shareholders' interests are being taken into account by current
directors. The Board reduced the number of Directors to four and has no
current plans to replace Mr. Collery.Publication of Financial Information We will continue to make available periodic and annual financial information in substantially the same form as presently made available. With effect from January January: see month. 1, 2004 we will provide this information on a half yearly basis rather than the quarterly basis previously provided. We will periodically evaluate whether we will continue to make public the same level of information. Additional Capital We are presently considering the possibility of raising additional capital to increase our capital strength and underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. capabilities. Any such capital may be raised through ESG Re Limited or any one or more of our subsidiaries and affiliates. We can make no assurances that we will be successful in raising additional capital, the amount of any capital to be raised or the timeframe in which such capital will be raised. Annual General Meeting of Shareholders The shareholders will receive a copy of the 2003 and 2002 Annual Report and audited Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge , along with the notice of the Annual General Meeting, proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. and form of proxy See proxy server. (networking) proxy - A process that accepts requests for some service and passes them on to the real server. A proxy may run on dedicated hardware or may be purely software. , in April in connection with the annual general meeting of shareholders. This meeting is scheduled for May 3, 2004. Further Information The Company will respond to questions submitted in relation to the 2003 results. Please contact Investor Relations Investor relations The process by which the corporation communicates with its investors. . ESG Re Ltd provides medical, personal accident, credit life, disability and special risks re-insurance RE-INSURANCE, mar. contr. An insurance made by a former insurer, his executors, administrators, or assigns, to protect himself and his estate from a risk to which they were liable by the first insurance. 2. It differs from a double insurance (q.v. to insurers and selected re-insurers on a worldwide basis. The company distinguishes itself from its competition by offering re-insurance products and services that help its ceding cede tr.v. ced·ed, ced·ing, cedes 1. To surrender possession of, especially by treaty. See Synonyms at relinquish. 2. clients to manage their risks more effectively. ESG provides solutions to specific underwriting problems, actuarial ac·tu·ar·y n. pl. ac·tu·ar·ies A statistician who computes insurance risks and premiums. [Latin support, product design and loss prevention. ESG is building on its reinsurance expertise by developing its direct marketing business. ESG will deliver innovative business opportunities and client focused solutions to its affinity The relationship that a person has to the blood relatives of a spouse by virtue of the marriage. The doctrine of affinity developed from a Maxim of Canon Law that a Husband and Wife were made one by their marriage. There are three types of affinity. partners using distribution methods such as direct mail, telemarketing telemarketing, the practice of selling goods or services to customers by means of the telephone or of surveying consumer preferences in telephone conversations. and bancassurance. Uncertainties related to forward looking statements: Certain statements and information included in this Press Release constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934 as amended. These statements express our intentions, strategies, or predictions for the future. Forward looking statements in this Press Release include, among other things, statements regarding: -- the ongoing adequacy of our loss reserves; -- our continuing ability to increase premiums in the North and Latin Lat·in n. 1. a. The Indo-European language of the ancient Latins and Romans and the most important cultural language of western Europe until the end of the 17th century. b. American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of market; -- our 2004 business plan; -- the anticipated growth in ESG Direct segment in Asia and Europe; -- no further reduction of the Fitch fitch: see polecat. rating; -- the possibility of raising additional capital, and a continuing market for our common shares. These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of ESG to be materially different from any future results, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by the forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . These factors include, among other things: the economic recession, volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the in the insurance industry, inadequate loss reserves, medical cost increases, credit risks, loss of key clients, direct marketing risks, competition, competitive pricing practices, credit rating downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. , loss of key employees, interest rate fluctuations, investment risks, foreign currency exchange risks, inflation, legislative and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes, tax exposure, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. risks, and cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. changes in the market. A further discussion of factors that could affect ESG's results is included in our Annual Report for the year ended December 31, 2003. Esg Re Limited Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. (U.S. Dollars in Thousands Except Share and Per Share Data)
December December
31, 31,
2003 2002
--------- ---------
ASSETS
Investments $76,876 $82,325
Cash and cash equivalents 14,735 13,653
Other investments 5,637 7,446
--------- ---------
Total investments and cash 97,248 103,424
Accrued investment income 1,264 826
Management fees receivable 317 697
Reinsurance balances receivable 82,328 180,173
Reinsurance recoverable on incurred losses 8,338 36,685
Funds retained by ceding companies 23,464 27,661
Prepaid reinsurance premiums -- 26
Deferred acquisition costs 31,033 35,723
Fair value of Foreign currency forward
contracts 14 1,796
Other assets 8,500 8,567
Cash and cash equivalents held in a fiduciary
capacity 545 1,320
--------- ---------
TOTAL ASSETS $253,051 $396,898
========= =========
LIABILITIES
Unpaid losses and loss expenses $109,562 $162,676
Unearned premiums 56,481 78,371
Acquisition costs payable 12,218 37,065
Reinsurance balances payable 35,321 51,434
Payable for Securities purchased -- 4,367
Accrued expenses, accounts payable, and other
liabilities 5,862 14,991
Fiduciary liabilities 545 1,320
--------- ---------
Total liabilities 219,989 350,224
--------- ---------
SHAREHOLDERS' EQUITY
Common shares, par value $1 per share;
100,000,000 shares authorized; 11,060,848
shares issued and outstanding for 2003 and
11,100,678 shares issued and outstanding for
2002 11,061 11,101
Additional paid-in capital 208,895 208,721
Accumulated other comprehensive income:
Foreign currency translation adjustments, net
of tax (3,287) (2,305)
Unrealized gains on securities, net of tax 2,308 3,255
--------- ---------
Accumulated other comprehensive income (979) 950
--------- ---------
Retained deficit (185,915) (174,098)
--------- ---------
Total shareholders' equity 33,062 46,674
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $253,051 $396,898
========= =========
Book Value per share $2.99 $4.20
========= =========
Esg Re Limited Condensed Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Operations (U.S. Dollars in Thousands Except Share and Per Share Data)
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
2003 2002 2003 2002
------------ ------------ ------------ ------------
REVENUES
Net premiums
written $17,130 $25,934 $53,540 $112,084
Change in
unearned
premiums 838 6,863 23,782 22,648
------------ ------------ ------------ ------------
Net premiums
earned 17,968 32,797 77,322 134,732
Management fee
revenue 147 438 546 2,269
Net investment
income 304 1,589 3,256 7,052
Gain (loss) on
equity
investments -- -- -- --
Net realized
investment gain
(loss) (17) 657 3,338 (498)
------------ ------------ ------------ ------------
18,402 35,481 84,462 143,555
------------ ------------ ------------ ------------
EXPENSES
Losses and loss
expenses 14,719 25,365 38,765 101,350
Acquisition
costs 7,964 16,407 31,708 49,804
Administrative
expenses 1,454 16,919 26,342 42,084
------------ ------------ ------------ ------------
24,137 58,691 96,815 193,238
------------ ------------ ------------ ------------
NET INCOME
(LOSS) FROM
CONTINUING
OPERATIONS
BEFORE TAXES (5,735) (23,210) (12,353) (49,683)
Income tax
expense 631 (1,492) 536 (1,492)
------------ ------------ ------------ ------------
NET LOSS $(5,104) $(24,702) $(11,817) $(51,175)
============ ============ ============ ============
PER SHARE DATA
Basic net income
(loss) per
share $(0.46) $(2.09) $(1.07) $(4.32)
Diluted net
income (loss)
per share $(0.46) (2.09) $(1.07) (4.32)
============ ============ ============ ============
Weighted average
shares
outstanding
Basic 11,061,743 11,794,579 11,071,536 11,837,747
Diluted 11,061,743 11,794,579 11,071,536 11,837,747
============ ============ ============ ============
Esg Re Limited Product Mix (Gross Written Premium) Esg Reinsurance Segment The distribution of gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. by line of business for the three months ended December 31, 2003 and 2002 and for the years ended December 31, 2003 and 2002 were as follows:
Three months Year ended
ended
December December December December
31, 31, 31, 31,
2003 2002 2003 2002
--------------------------------- -------- -------- -------- ---------
Medical 84.4% 82.1% 24.5% 82.5%
Personal Accident 19.7% 17.2% 68.7% 15.9%
Credit (0.1)% (1.5)% 1.4% (1.4)%
Life (4.3)% 1.9% 2.1% 0.7%
Other 0.3% 0.3% 3.3% 2.3%
--------------------------------- -------- -------- -------- ---------
Total 100.0% 100.0% 100.0% 100.0 %
--------------------------------- -------- -------- -------- ---------
ESG Direct Segment The distribution of gross premiums written by line of business for the three months ended December 31, 2003 and 2002 and for the years ended December 31, 2003 and 2002 were as follows:
Three months ended Year ended
December December December December
31, 31, 31, 31,
2003 2002 2003 2002
-------------------------- -------- -------- -------- --------
Personal Accident 99.6% 85.3% 81.3% 83.3%
Credit 0.4% 14.7% 18.7% 16.7%
-------------------------- -------- -------- -------- --------
Total 100.0% 100.0% 100.0% 100.0%
-------------------------- -------- -------- -------- --------
Geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. Mix (Gross Written Premium) The distribution of gross premiums written by geographic region for the three months ended December 31, 2003 and 2002 and for the years ended December 31, 2003 and 2002 were as follows: ESG Reinsurance
Three months ended Year ended
December December December December
31, 31, 31, 31,
2003 2002 2003 2002
-------------------------- -------- -------- -------- ---------
Western Europe 8.4% 36.2% 49.2% 4.2%
North America 53.2% 90.5% 2.9% 62.4%
Latin America 27.8% (28.4)% 35.1% 4.9%
Asia 0.6% 1.7% - -
Other 10.0% 0.0% 12.8% 28.5%
-------------------------- -------- -------- -------- ---------
Total 100.0% 100.0 % 100.0% 100.0 %
-------------------------- -------- -------- -------- ---------
ESG Direct
Three months ended Year ended
December December December December
31, 31, 31, 31,
2003 2002 2003 2002
-------------------------- -------- -------- -------- ---------
Western Europe 1.5% 14.7% 19.1% 16.7%
Asia 98.5% 85.3% 80.9% 83.3%
-------------------------- -------- -------- -------- ---------
Total 100.00% 100.0 % 100.0% 100.0 %
-------------------------- -------- -------- -------- ---------
Historic Development of the Portfolio; Technical Result by Business Segment by Underwriting Year The technical profit by business segment underwriting year for the financial years ended December 31, 1998 through 2003 are as follows; Reinsurance Segment
Technical Underwriting Year
Results
($'m)
Financial Total
Year
ended 1997 1998 1999 2000 2001 2002 2003
----- ------ ------ ----- ----- ----- ----- ------
1998 n/a 10.8 - - - - - 10.8
1999 n/a (11.2) (5.0) - - - - (16.2)
2000 n/a (18.1) (6.6) (6.8) - - - (31.5)
2001 n/a 0.3 (7.9) 3.5 2.1 - - (2.0)
2002 (1.7) (9.3) (12.8) 0.2 1.9 4.6 - (17.1)
2003 0.0 0.5 3.4 1.7 (4.9) (0.3) 5.6 6.0
----- ------ ------ ----- ----- ----- ----- ------
Total (1.7) (27.0) (28.9) (1.4) (0.9) 4.3 5.6 (50.0)
Direct Segment
Technical Results Underwriting Year
($'m)
Financial Year ended 1999 2000 2001 2002 2003 Total
----- ----- ----- ----- ----- -----
1999 0.0 - - - - -
2000 0.2 2.1 - - - 2.3
2001 0.1 0.3 4.4 - - 4.8
2002 (0.2) 0.3 0.5 0.1 - 0.7
2003 0.0 0.1 (1.0) (0.6) 2.3 0.8
----- ----- ----- ----- ----- -----
Total 0.1 2.8 3.9 (0.5) 2.3 8.6
Loss & Acquisition Ratios by Underwriting Year The loss and acquisition cost ratios by underwriting year for the financial years ended December 31, 1998 through 2003 are as follows: Total Company
L&A Ratio (%) Underwriting Year
1998 1999 2000 2001 2002 2003
----- ----- ----- ----- ----- -----
L&A at 31 Dec. 1998 89% - - - - -
L&A at 31 Dec. 1999 102% 102% - - - -
L&A at 31 Dec. 2000 110% 104% 104% - - -
L&A at 31 Dec. 2001 112% 107% 100% 76% - -
L&A at 31 Dec. 2002 120% 112% 101% 88% 72% -
L&A at 31 Dec. 2003 119% 112% 100% 91% 82% 79%
Reinsurance Segment
L&A Ratio (%) Underwriting Year
1998 1999 2000 2001 2002 2003
----- ----- ----- ----- ----- -----
L&A at 31 Dec. 1998 89% - - - - -
L&A at 31 Dec. 1999 102% 102% - - - -
L&A at 31 Dec. 2000 110% 104% 107% - - -
L&A at 31 Dec. 2001 112% 107% 102% 92% - -
L&A at 31 Dec. 2002 120% 112% 102% 95% 90% -
L&A at 31 Dec. 2003 119% 113% 102% 100% 93% 79%
Direct Segment
L&A Ratio (%) Underwriting Year
1999 2000 2001 2002 2003
----- ----- ----- ----- -----
L&A at 31 Dec. 1999 86% - - - -
L&A at 31 Dec. 2000 46% 58% - - -
L&A at 31 Dec. 2001 42% 53% 74% - -
L&A at 31 Dec. 2002 37% 43% 52% 49% -
L&A at 31 Dec. 2003 38% 43% 59% 56% 79%
The L&A ratio for the Direct segment does not include telemarketing costs ESG RE LIMITED Reinsurance Operating Ratios Operating Ratio A ratio that shows the efficiency of management by comparing operating expense to net sales: (Net Earned Premium Earned premium is the portion of an insurance written premium which is considered "earned" by the insurer, based on the part of the policy period that the insurance has been in effect, and during which the insurer has been exposed to loss. ) The key operating ratios for the Reinsurance Segment for the three months and year ended December 31, 2003 and 2002 are as follows;
Three months Personal
ended Medical Accident Credit Life Other Total
December 31,
2003
------------ ------- -------- -------- -------- ----- -------
Loss ratio 51.6% 235.3% 445.2% (77.5)% n/m 123.2%
Acquisition
expense
ratio 24.9% 41.8% (183.9)% 17.3% n/m 32.6%
------------ ------- -------- -------- -------- ----- -------
Loss and
Acquisition
Expense
Ratio 76.5% 277.1% 261.3% (60.2)% n/m 155.8%
------------ ------- -------- -------- -------- ----- -------
Operating
expense
ratio (35.9)%
-------
Combined
ratio 119.9%
=======
Three months Personal
ended Medical Accident Credit Life Other Total
December 31,
2002
------------ ------- -------- --------- ------ ------- -------
Loss Ratio 78.8% 113.7% (527.9)% 10.4% 114.6% 88.9%
Acquisition
expense
Ratio 29.3% 21.0% 350.0% 18.1% 42.2% 25.8%
------------ ------- -------- --------- ------ ------- -------
Loss and
Acquisition
Expense
Ratio 108.1% 134.7% (177.9)% 28.5% 156.8% 114.7%
------------ ------- -------- --------- ------ ------- -------
Operating
expense
Ratio 52.6%
-------
Combined
Ratio 167.3%
=======
Year ended Personal
December 31, Medical Accident Credit Life Other Total
2003
------------- ------- -------- ------- ------ ----- ------
Loss Ratio 93.3% 33.2% 291.0% 99.7% n/m 66.2%
Acquisition
expense
Ratio 21.9% 37.1% (11.0)% 28.8% n/m 27.6%
------------- ------- -------- ------- ------ ----- ------
Loss and
Acquisition
Expense Ratio 115.2% 70.3% 280.0% 128.5% n/m 93.8%
------------- ------- -------- ------- ------ ----- ------
Operating
expense
Ratio 25.4%
------
Combined
Ratio 119.2%
======
Year ended Personal
December 31, Medical Accident Credit Life Other Total
2002
------------ ------- -------- -------- ------ ------ ------
Loss Ratio 73.7% 156.7% (137.0)% 492.6% 91.3% 89.2%
Acquisition
expense
Ratio 25.9% 26.3% 68.2% 49.4% 40.9% 26.2%
------------ ------- -------- -------- ------ ------ ------
Loss and
Acquisition
Expense
Ratio 99.6% 183.0% (68.8)% 542.0% 132.2% 115.4%
------------ ------- -------- -------- ------ ------ ------
Operating
expense
Ratio 29.3%
------
Combined
Ratio 144.7%
======
ESG RE LIMITED Direct Marketing Operating Ratios (Net Earned Premium) The key operating ratios for the Direct Marketing segment for the three months and year ended December 31, 2003 and 2002 are as follows;
Three months ended Personal
December 31, 2003 Accident Credit Total
----------------------------------------- -------- ------ ------
Loss Ratio 33.7% 43.2% 35.6%
Acquisition expense Ratio 53.7% 73.4% 57.6%
----------------------------------------- -------- ------ ------
Loss and Acquisition
Expense Ratio 87.4% 116.6% 93.2%
----------------------------------------- -------- ------ ------
Operating expense Ratio 56.2%
------
Combined Ratio 149.4%
======
Three months ended Personal
December 31, 2002 Accident Credit Total
----------------------------------------- -------- ------ ------
Loss Ratio 22.8% 46.3% 25.3%
Acquisition expense Ratio 153.5% 70.5% 144.8%
----------------------------------------- -------- ------ ------
Loss and Acquisition
Expense Ratio 176.3% 116.8% 170.1%
----------------------------------------- -------- ------ ------
Operating expense Ratio 51.7%
------
Combined Ratio 221.8%
======
Year ended Personal
December 31, 2003 Accident Credit Total
----------------------------------------- -------- ------ ------
Loss Ratio 22.8% 45.0% 27.0%
Acquisition expense Ratio 57.8% 70.8% 60.3%
----------------------------------------- -------- ------ ------
Loss and Acquisition
Expense Ratio 80.6% 115.8% 87.3%
----------------------------------------- -------- ------ ------
Operating expense Ratio 45.7%
------
Combined Ratio 133.0%
======
Year ended Personal
December 31, 2002 Accident Credit Total
----------------------------------------- -------- ------ ------
Loss Ratio 7.7% 37.1% 10.6%
Acquisition expense Ratio 88.9% 63.5% 86.4%
----------------------------------------- -------- ------ ------
Loss and Acquisition
Expense Ratio 96.6% 100.6% 97.0%
----------------------------------------- -------- ------ ------
Operating expense Ratio 40.1%
------
Combined Ratio 137.1%
======
ESG RE LIMITED Fixed Maturity Investment Portfolio at December 31, 2003
Average
U.S. dollars in thousands Fair Duration Market Credit
Value (Years) Yield Rating
--------------------------- ---------- -------- ------ -------
Corporate securities $17,408 2.7 2.9 % AA+
U.S. treasury securities
and obligations of U.S. AAA
government corporations
and agencies 22,951 1.2 1.4 %
Mortgage & Asset backed AAA
securities 4,534 1.6 6.2 %
Obligations of states and AA+
political subdivisions 5,715 2.3 3.3 %
Foreign currency debt AA+
securities 26,268 2.6 3.3 %
--------------------------- ---------- -------- ------ -------
Total $76,876 2.1 2.8 % AA+
--------------------------- ---------- -------- ------ -------
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