The financially troubled parent company of one of Bermuda?s newest reinsurers ? GoshawK Re ? said yesterday that it looked unlikely to bail itself out through a takeover.

The company had hoped that it might be able to sell itself off, as its loss levels escalated and it was forced to exit the Lloyd?s market.

That decision was said to result in GoshawK posting a further $60 million restructuring charge.

Subsequent to the company?s inability to navigate through these troubled financial waters, it saw a management shake-up with two of its senior executives, including its CEO Chris Fagan, resign from the company.

Bloomberg news reported that shares of Goshawk Insurance Holdings Plc, a UK insurer that last month was ordered to stop writing new business through its Lloyd?s of London subsidiary, fell as much as 9.6 percent after the company said takeover talks have ended. ?Preliminary discussions have been held with a number of parties during the last few months,? Goshawk said in a Regulatory News Service statement.

?None of these discussions have been substantive.?

Lloyd?s, the world?s oldest insurance market, rejected a proposal by the insurer of property, aircraft and ships to allow Goshawk to write new policies without injecting funds. Goshawk, which in July said it might put itself up for sale, now said it would shift all its focus to the writing of reinsurance business through its Bermuda-based property and casualty unit.

Goshawk Re was one of a wave of reinsurers to set up on the Island after a void in capacity following the September 11 terrorist attacks.

In September, Goshawk revealed a net loss of ?45 million for the first six months of the year. The worse-than-forecasted results followed on the heels of several earnings warnings made earlier in the year.

Although Bermuda unit, GoshawK Re, posted a good result ? operating profit of ?14.2 million for the first half of the year ? it was not enough to bail out the company, which was under strain from poor results over the last two and a half years from Lloyd?s Syndicate 102.

Goshawk attributed its financial woes at Lloyd?s to the company?s boosting of its reserves.

The need to boost reserves stems from costs, legal expenses and cargo-insurance business for ?prior years,? GoshawK said in September. The company was also a lead insurer on a Columbia shuttle policy for $10 million.