with a loss of $9.4 million the year before.

Premiums written during the 12 months to December 31, 1992, fell by 5.4 percent ($4.4m) to $77.5 million, while net premiums written dropped by eight percent ($6.2m) to $70.7 million.

The company made an underwriting loss of $64.2 million, compared with a loss of $49.5 million in 1991. Net investment income went up by 15.6 percent ($6.3m) to $47 million.

Retained earnings were $25.1 million ($34.6m in 1991) at the beginning of the financial year and $13.8 million ($25.1m in 1991) at the end of the year.

Total assets at December 31, 1992, came to $585 million, about the same as the year before, while liabilities increased by two percent ($9m) to $486 million.

GTE RE is a subsidiary of US-based GTE Corporation, which in 1991 was the fourth largest publicly-owned telecommunications in the world, with about $20 billion in revenues.