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Article: NEW CAP RE SEEKS TRADING SUSPENSION.
- Article from:
- Business Insurance
- Article date:
- March 22, 1999
- Author:
CopyrightCOPYRIGHT 1999 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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HAMILTON, Bermuda-New Cap Reinsurance Holdings Ltd. last week requested its shares be suspended on the Australian Stock Exchange because its actuaries and auditors need more time to complete the reinsurer's annual accounts.
New Cap Re was due to file its final figures by March 16, but a severe deterioration in its loss exposures and late claims meant the company was unable to meet the deadline. The reinsurer expects to file at least one week after the due date.
The company requested the Australian Stock Exchange suspend trading in its shares at the beginning of last week. At the time, however, company management said it was confident trading would be ...